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Forex

PBOC Sets Stage for Daily Yuan Fixing Amid Global Volatility

Guavy AI Editorial Team
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USD
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The People's Bank of China (PBOC) will set the daily USD/CNY reference rate at around 6.7379, according to a Reuters estimate.

This fixing is one of the most closely watched signals in Asian foreign exchange markets, as it provides insight into Beijing's currency priorities.

The PBOC operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the bank.

The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours.

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