Forex
PBOC Nudges Yuan Reference Rate Higher Against US Dollar
The People's Bank of China (PBOC) set the central reference rate for the onshore USD/CNY pair at 6.7828 for Monday's session, a slight increase from the previous trading day's official fixing of 6.7811.
The new fixing came in against a Reuters estimate of 6.7344, indicating that the PBOC may be taking steps to support the Chinese yuan amidst ongoing market volatility.
The PBOC has two primary monetary policy goals: maintaining price stability and supporting economic growth. The central bank also employs a range of policy tools to achieve its objectives, including foreign exchange market interventions and adjustments to reserve requirements.