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The People's Bank of China is battling to hold the line on the yuan today

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... Read More
Posted: Sep 8 2023, 01:55
Author Name: forexlive
Views: 111597

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