PBOC sets daily USD/CNY reference rate at 6.7829, above Reuters estimate of 6.7166, signaling modest depreciation pressure.
The People’s Bank of China set the USD/CNY central parity rate at 6.7829 for Wednesday’s session, down from 6.7852 the previous day but above the 6.7166 Reuters estimate. The fix suggests a slight weakening bias for the yuan amid broader market expectations.
The PBOC’s reference rate serves as a daily benchmark for onshore yuan trading, with the currency allowed to fluctuate within a 2% band. Recent fixes have reflected efforts to balance stability with market-driven adjustments, particularly as external pressures persist.
No immediate market reaction was reported following the announcement, though the deviation from consensus may influence short-term sentiment.