PBOC sets daily reference rate below Reuters estimate, signaling modest depreciation pressure on the yuan.
The People’s Bank of China set the USD/CNY reference rate at 6.8467, slightly stronger than Friday’s 6.8502 but weaker than the 6.7988 Reuters estimate. The fix guides onshore yuan trading within a 2% band around the rate each session.
Friday’s close stood at 6.8502, while market expectations had centered on a stronger yuan. The PBOC uses the daily fix to manage volatility and align the currency with policy objectives, including export competitiveness and capital flow stability.
No immediate market reaction was reported following the announcement.