Reported 3 days ago
The People's Bank of China (PBOC) has intensified its support for the yuan by setting a daily reference rate significantly stronger than market expectations, the widest gap since July. This action comes as the U.S. dollar gains strength following the Federal Reserve's cautious stance on interest rates, pushing the offshore yuan to a one-year low. The PBOC aims to counter external pressures affecting the yuan and is expected to maintain a steady onshore rate to stabilize the currency in light of ongoing economic challenges.
Source: YAHOO