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Yuan midpoint hits 3.5-year high, but 620 pips weaker than Reuters forecast
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The People's Bank of China set the yuan reference rate against the U.S. dollar at a more than three-year-and-seven-month high, according to a report from tradealpha citing RTRS. The fixing was approximately 620 points weaker than the forecast provided by Reuters. This indicates a divergence between market expectations and the central bank's daily guidance, which is closely watched by currency traders for signals on China's exchange rate policy. The reference rate, also known as the midpoint, is the daily fixing from which the yuan is allowed to trade in a band of plus or minus 2% against the dollar. A weaker-than-expected fixing suggests the central bank may be seeking to moderate the pace of yuan appreciation.
Source report
The yuan's reference rate against the U.S. dollar reached a more than three-year-and-seven-month high, coming in approximately 620 points weaker than the Reuters forecast.
Source
rtrsNeutral / independent
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Yuan reference rate hits more than three-year seven-month high, 620 points weaker than Reuters forecast