PBOC Sets Slightly Weaker Yuan Fix Amid Global Market Fluctuations
The People's Bank of China (PBOC) set its official USD/CNY reference rate at 6.7911 on Tuesday, marking a slight weakening from the previous day's fix of 6.7939.
This adjustment reflects the central bank's continued management of the currency amid global market fluctuations.
The PBOC establishes the reference rate each trading day before market open, based on a basket of quotes from market makers and a formula that accounts for prior-day closing prices and currency movements against a trade-weighted basket.