China’s central bank sets the daily yuan midpoint below market expectations, signaling potential support for the currency.
The People’s Bank of China set the USD/CNY reference rate at 6.7910, below the 6.7965 estimate. The move suggests a firmer yuan stance amid recent depreciation pressures.
The prior day’s closing rate was 6.7730. The PBOC allows the yuan to trade within a 2% band around the daily fix, a mechanism designed to balance market forces with policy guidance.
No immediate market reaction was reported following the announcement.