Reported 3 days ago
The People's Bank of China (PBOC) is reinforcing support for the yuan following its slide to a two-year low against the dollar at the end of 2024. The PBOC set the daily reference rate at 7.1879 per dollar, indicating a commitment to stability despite the yuan's recent pressures from concerns over economic growth and US-China trade tensions. While Wall Street predicts further depreciation of the yuan, the PBOC has been proactive in maintaining stronger-than-expected fixings and injecting liquidity into the market to counter potential declines.
Source: YAHOO