On August 17, 2023, a photo was taken showing US dollars and Chinese yuan in Fuyang city, East China’s Anhui province.
Photo credit: Nurphoto | Nurphoto | Getty Images
The People’s Bank of China surprised markets on Friday by setting the onshore yuan midpoint at 7.2006 against the U.S. dollar. This rate was more than 1,000 basis points stronger than Reuters’ estimate of 7.3065 per dollar.
For the second consecutive day, the fixing rate has been consistently significantly stronger than the Reuters forecasts by almost 900 basis points.
The previous day, the Chinese central bank set the midpoint at 7.2046, contrasting Reuters’ estimate of 7.3047.
The yuan midpoint is a reference point for trading, with a trading range of +2% and -2%. This means that the yuan, also known as the renminbi (RMB), is allowed to fluctuate 2% above or below the fixing rate each trading day.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
