TREE NEWS reports: The People’s Bank of China set the yuan’s daily midpoint at 6.7670 per dollar, 28 pips stronger than the previous fix of 6.7698 and the highest level since February 3, 2023. The previous official close was 6.7071, with the overnight session ending at 6.7085.
China’s yuan midpoint hits 6.7670, strongest since Feb 2023
AI take
The fix is a managed signal, not a market price, so its drift toward a multi-year high says more about the PBOC's tolerance for a firmer currency than about trading flows. The gap between the fix and the far stronger market close is the detail worth noting: the official reference rate is lagging spot rather than leading it. Whether the fixing continues to track the yuan's market strength, or widens the divergence, is the open question for anyone watching China's currency management.
Generated by AI for reference only.
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