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China’s Central Bank Sets Reference Rate for Yuan Lower

October 23, 2017 at 14:00 by Vladimir Vyun

Various yuan banknotesThe Chinese yuan fell today as the People’s Bank of China set the daily fixing weaker.

The PBoC set the midpoint for the yuan to 6.6205 per dollar on Monday, compared to the Friday’s close of 6.6195. The currency allowed to trade 2% higher or lower of the parity rate. The fact that the dollar was generally firm today also led to appreciation of the USD/CNY currency pair.

USD/CNY rose 0.29% to 6.64 as of 13:59 GMT today.

If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.

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