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PBOC set the onshore yuan stronger than expected, USD/CNH tumbling

PBOC set the onshore yuan stronger than expected, USD/CNH tumbling
I posted earlier on likely moves from the People's Bank of China to slow down the drop for the yuan:Yuan has had a one-way ticket to weakness. The PBOC have been supportive of the devaluation, a lower yuan is a form of stimulus for the export sector. The rapid pace of the fall is expected to result in the PBOC moving to slow the descent.Which is what we have today. While the CNY is weaker, its been set not nearly as weak as was expected:PBOC sets USD/ CNY central rate at 7.2098 (vs. estimate at... Read More
Posted: Jun 27 2023, 01:30
Author Name: forexlive
Views: 102224

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