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

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    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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