China sets yuan reference rate above estimates while Georgia adds $100m in gold reserves amid global demand surge.
China’s central bank set the USD/CNY reference rate at 6.8150, weaker than the 6.7819 estimate, signaling potential depreciation pressure on the yuan. The move follows heightened global currency volatility and shifting reserve strategies among central banks.
Georgia’s central bank purchased an additional $100m in gold, reflecting broader demand for safe-haven assets. Meanwhile, global oil inventories are reported to be six weeks from operational minimums, tightening supply dynamics amid geopolitical tensions in the Middle East.
Markets reacted with mixed sentiment, as U.S. stocks opened higher before reversing to close near session lows. The dollar strengthened against the yuan, while gold prices held steady on reserve accumulation trends.