China’s central bank sets the daily yuan reference rate at 6.8487, firmer than Wednesday’s 6.8562 fix and above Reuters estimates.
The People’s Bank of China fixed the USD/CNY reference rate at 6.8487 for Thursday’s session, a 75-pip strengthening from Wednesday’s 6.8562 level. The move surpassed the 6.8087 median forecast in a Reuters poll of traders and analysts.
Wednesday’s fix stood at 6.8562, following a 6.8612 print on Tuesday. The yuan has traded in a 6.80-6.90 range over the past month amid shifting expectations for US monetary policy and China’s economic recovery.
The firmer fix comes as offshore yuan (CNH) remains under pressure, with spot USD/CNH last at 6.8720, up 0.1% on the day.