China’s Central Bank Sets Reference Rate for Yuan Lower

The Chinese yuan fell today as the People’s Bank of China set the daily fixing weaker.

The PBoC set the midpoint for the yuan to 6.6205 per dollar on Monday, compared to the Friday’s close of 6.6195. The currency allowed to trade 2% higher or lower of the parity rate. The fact that the dollar was generally firm today also led to appreciation of the USD/CNY currency pair.

USD/CNY rose 0.29% to 6.64 as of 13:59 GMT today.

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