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PBOC set the Monday USDCNY midpoint at 7.1209

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PBOC set the Monday USDCNY midpoint at 7.1209

After the PBOC fixed the yuan at 7.0939 on Friday, the PBOC set the Monday USDCNY midpoint at 7.1209, which was not only weaker than the expected fix of 7.1205 but the weakest fixing since 2008.

Bloomberg stated that "the spread between spot USD/CNH and USD/CNY is likely to become more volatile in coming days." -

"The PBOC can be expected to maintain a tight grip on the daily yuan fixing and enforce the 2% fluctuation range. But there is no such constraint for the offshore yuan, which is free to roam, only being pulled back into line by FX arbitrageurs or in response to speculation about central bank intervention".

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China Sets Yuan Fix At Weakest Since 2008
China Sets Yuan Fix At Weakest Since 2008
  • Tyler Durden
  • www.zerohedge.com
Just hours after China's Foreign Minister Wang Yi warned that "some" in America were pushing relations to a "new Cold War", Beijing made it clear how it intends to retaliate in this new paradigm: by doing the one thing that infuriates Trump more than anything, devaluing its currency. After the PBOC fixed the yuan at 7.0939 on Friday, the PBOC...
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