People’s Bank of China sets yuan reference rate at 6.6615 (vs. Friday at 6.6406)

Discussion in 'Fundamental Analysis' started by ForexLive, Aug 8, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    The USD/CNY mid point is set each business day by the PBOC. USD/CNY is then permitted to trade plus or minus 2% from this reference rate. The bank setting the mid point higher, i.e. a weaker yuan today. Given the strength of the USD following the NFP result on Friday in the US a higher USD/CNY is not surprising.

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