PBOC sets stronger USD/CNY fix at 7.0833, signaling firmer yuan stance
The People’s Bank of China set the yuan’s daily reference rate at 7.0833 per U.S. dollar today, a stronger fix than the market’s 7.1141 estimate. The move points to a firmer policy bias toward stabilizing the currency as onshore trading gets underway.
At 7.0833, the USD/CNY midpoint is the strongest since 15 October 2024 and comes against a prior close of 7.1178. China operates a managed float, allowing the onshore yuan to trade within a band of plus or minus 2% around the central fixing. A lower USD/CNY fix indicates a stronger yuan and typically anchors intraday price action in the foreign exchange market.
The tighter-than-expected setting suggests policymakers want to curb depreciation pressures and guide expectations, a theme markets have watched closely amid shifting global rate dynamics and domestic growth considerations. Traders will monitor spot moves versus the band and any potential state-bank activity as liquidity builds through the session.
Key Points – PBOC fixed USD/CNY at 7.0833, stronger than the 7.1141 market estimate – Prior onshore close was 7.1178 – Today’s fixing is the firmest yuan reference since 15 October 2024 – Onshore USD/CNY trades within a ±2% band around the daily midpoint – Stronger fix signals intent to stabilize and support the yuan in the session ahead
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