China's Central Bank Surprises Markets with Strong Yuan Fixing

Thursday, 28 March 2024, 02:13
China's central bank surprised markets by setting the yuan fixing much stronger than expected, signaling efforts to stabilize the currency. The yuan midpoint rate at 7.0948 per U.S. dollar was 1,311 pips stronger than Reuters' estimate, the widest gap in almost five months. This move aims to prevent sharp declines in the yuan and maintain stability in the foreign exchange market.
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China's Central Bank Surprises Markets with Strong Yuan Fixing

China's Yuan Fixing

China's central bank set the yuan fixing at 7.0948 per U.S. dollar, a significant deviation from market expectations.

Market Impact

This unexpected move indicates China's efforts to stabilize the yuan against potential declines.

  • The yuan midpoint rate: 7.0948 per U.S. dollar
  • Reuters' estimate: 7.2259
  • Widest gap: 1,311 pips since November 2023

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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