Onshore yuan falls to its weakest since September 2023
globalreutersJanuary 8, 20251 Mins read CNY is China’s onshore yuan. USD/CNY has hit its highest since September 2023:
This comes despite People’s Bank of China efforts to support the yuan, continuing today with a fix below 7.2 again:
- PBOC sets USD/ CNY mid-point today at 7.1887 (vs. estimate at 7.3435)
7.1887*1.02 means it should top at 7.3324, its only permitted to trade +/- 2% from the reference rate. The People’s Bank of China will intervene (so they tell us) to hold that range.
This article was written by Eamonn Sheridan at www.forexlive.com.
Related Articles
FOMC Minutes: Participants saw gradual move to more-neutral stance if data as expected
Participants indicated if data came in about as expected, it would be...
What’s priced in ahead of the FOMC Minutes
The comments today from Waller indicate that he still sees inflation falling...
Bitcoin finds buyers after a test of $92,000
The last two hours have been a ride for bitcoin traders.The cryptocurrency...
U.S. Treasury auctions off $22 billion of 30 year bonds at a high yield of 4.913%
High-yield 4.913%WI level at the time of the auction 4.920%Bid to cover:...
Leave a comment