PBOC Sets USD/CNY Reference Rate Slightly Lower Than Previous Fix

The PBOC set the USD/CNY central rate at 6.7909 on Thursday, slightly below the prior fix and above market expectations.

The People's Bank of China (PBOC) established the USD/CNY central reference rate at 6.7909 for the upcoming trading session on Thursday, according to FX Street.

This figure is marginally lower than the previous day’s fixing of 6.7910 and notably above Reuters’ estimate of 6.7577, highlighting a more cautious approach by the central bank amid recent market fluctuations.

For Japanese investors, the PBOC’s steady reference rate underscores the ongoing stability efforts in the yuan, which can influence currency strategies and risk assessments in the region’s interconnected FX markets.

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By Sama Kane

Tokyo Overnight

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