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The People's Bank of China is battling to hold the line on the yuan today
The PBOC maintained an 11+ big figure gap between the estimated USD/CNY reference rate and it setting:PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284)But it has had to allow the CNY to weaken to over 7.2 to the dollar. As I note each day, USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.Given the mid rate and the +2% that would allow USD/CNY as high 7.3593 for the session today. Its traded to highs circa 7.3444, whi...
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Posted: Sep 8 2023, 01:55
Author Name: forexlive
Views: 111597