TREE NEWS reports: The People’s Bank of China set the yuan’s central parity rate at 6.7743 per US dollar, 23 pips stronger than the previous day’s 6.7766 and the highest fixing since 6 February 2023. The previous official closing price was 6.7062, while the overnight session last traded at 6.7115.
China Sets Yuan Fixing at 6.7743, Strongest Since February 2023
AI take
The fixing's strength is notable less for the 23-pip move than for the gap it leaves against the prior close and overnight levels, which sit materially stronger than the official midpoint. That divergence suggests the daily fixing is acting as a brake rather than a reflection of where the market is trading, a signal worth tracking for how the authorities are managing the currency's tone. Whether the fixing continues to lag market pricing, or converges toward it, is the open question.
Generated by AI for reference only.
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