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China's central bank sets the reference price of the yuan better than expected

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China's central bank sets the reference price of the yuan better than expected Empty China's central bank sets the reference price of the yuan better than expected

Post by rocky on Tue 13 Aug 2019, 6:41 am

China's central bank sets the reference price of the yuan better than expected
China's central bank sets the reference price of the yuan better than expected 640

 13 August 2019 12:23 PM
Direct : China's central bank set the benchmark price of the yuan at a weaker level of 7 yuan per dollar for the fourth consecutive day, but better than analysts' estimates.
On Tuesday, the People's Bank of China set the benchmark currency rate at 7.0326 yuan per dollar.
Analysts had expected the central bank to set the benchmark exchange rate at 7.0421 percent per dollar.
The dollar broke the 7-yuan barrier last week for the first time in 10 years,  amid rising trade tensions between Washington and Beijing, prompting the US Treasury to formally accuse China of manipulating its currency.
The People's Bank of China allows its local currency to move up and down in a maximum of 2 percent of the reference price.
By 9:15 am GMT, the yuan was down against the dollar by about 0.1 percent at 7.0672 yuan.


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