Reported 2 days ago
The People's Bank of China (PBOC) has reaffirmed its commitment to support the yuan by setting the daily reference rate above the critical 7.2 per dollar mark, countering concerns of further depreciation amid economic pressures and a widening yield gap with the US. Despite the onshore yuan's decline past 7.3, the central bank's actions, including potential bill sales in Hong Kong, aim to stabilize the currency. While some banks remain bearish on the yuan's future, with predictions of further weakening, analysts believe maintaining confidence in the yuan is vital amidst ongoing market uncertainties.
Source: YAHOO