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Yuan midpoint hits 3-yr-7-mth high, but 620 pips weaker than Reuters estimate
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The People's Bank of China set the yuan's daily midpoint reference rate against the U.S. dollar at a three-year, seven-month high. However, the fixing was approximately 620 pips (points) weaker than a forecast compiled by Reuters. This indicates that while the yuan has strengthened significantly over the long term, the central bank's daily fixing was set below market expectations, potentially signaling a desire to manage the pace of the currency's appreciation. The data point is a key indicator of China's currency policy and market sentiment.
Source report
The People's Bank of China set the yuan reference rate against the U.S. dollar at a three-year, seven-month high. The fixing was approximately 620 pips weaker than the forecast provided by Reuters.
Source
rtrsNeutral / independent
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Yuan reference rate hits more than three-year seven-month high, 620 points weaker than Reuters forecast