Reported 18 days ago
China's central bank has set the yuan's daily reference rate at its weakest level since 2023, reflecting concerns over potential trade tariffs under a Trump presidency. With the fixing established at 7.1659 per dollar, analysts suggest the move aims to prepare for further yuan depreciation, which could enhance the competitiveness of Chinese exports. As the dollar shows strength, the People's Bank of China is likely to allow some depreciation while intervening to keep the yuan stronger than other emerging-market currencies.
Source: YAHOO