PBOC sets USD/CNY reference rate above Reuters estimate, signaling modest depreciation pressure on the yuan.
The People’s Bank of China set the daily USD/CNY reference rate at 6.7840, slightly weaker than Wednesday’s fix of 6.7829. The rate came in above the Reuters estimate of 6.7261, reflecting a marginal depreciation in the yuan’s guidance level.
The PBOC’s fix serves as a midpoint for the yuan’s trading band, allowing fluctuations of up to 2% in either direction. Recent sessions have seen the currency under mild pressure amid broader dollar strength and domestic economic data.
No immediate market reaction was reported following the announcement, though the fix may influence short-term sentiment in onshore and offshore yuan trading.