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PBOC sets USD/ CNY reference rate for today at 7.0471 (vs. estimate at 7.0240)
Key Takeaways (30s Read)
The PBOC sets the USD/CNY reference rate at 7.0471, indicating pressure against CNY appreciation.
The PBOC has set the USD/CNY reference rate at 7.0471 today, higher than the estimated 7.0240, indicating an effort to prevent the appreciation of the CNY. The managed floating exchange rate allows for fluctuations within +/- 2% of the midpoint. The offshore yuan recently strengthened above 7.02 per dollar, its strongest since October 2024. Alongside this, the USD/CNY pair hit its lowest point since September 30, 2024. These movements reflect the PBOC's stance and the pressure against a stronger CNY. Additionally, the yen has shown strength influenced by recent data and comments from Japanese officials regarding currency volatility.
AI Analyst
AI Opinion
"The increase in the yuan's reference rate signals the PBOC's clear intention to alleviate appreciation pressures on the CNY. The market may respond cautiously to this announcement, particularly as the offshore yuan strengthens. This move will be a focal point as traders assess how the PBOC's policies will impact the yuan in relation to other currencies. The yen's strength is also noteworthy, influenced by recent comments from Japanese officials highlighting concerns over currency volatility. Observing the interplay between these currencies will be essential for gauging broader market dynamics."
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