From Reuters via The Business Times (Singapore), April 11:
China sets yuan fixing with strongest upward bias since 2018
CHINA’S central bank ramped up support for the yuan in its daily guidance on Thursday (Apr 11) after an overnight surge in the US dollar put authorities on alert for sharp declines in the local currency.
The People’s Bank of China (PBOC) set the midpoint rate for the yuan at 7.0968 per US dollar prior to market open on Thursday, 1,654 pips firmer than a Reuters estimate, the biggest discrepancy since Reuters started its estimations in 2018.
The record discrepancy comes after the offshore yuan dropped the most in three weeks overnight.
The yuan has come under intense pressure recently from a strengthening US dollar and the wide gap between US and Chinese interest rates.
The US dollar rose across the board on Wednesday after data showed US inflation sped up more than forecast in March, pushing out the expected timing of a Federal Reserve rate cut to September from June....
....MUCH MORE
USDCNY 7.2355 last.
