The mid rate from the People’s Bank of China for USd/CNY is due just after 0115GMT.
Reuters estimate is for a rate at 7.0421. If you’ve been following aolong the past week or so you’ll know that these estimates have come in on the igh side for USD/CNY. yes, the PBOC is allowing the yuan to weaken, but not by as much as expected.
I do wonder if that will change soon given the … is collapse to strong a word? … weaker credit growth reported yesterday:
- New yuan loans ¥1,060.0 bn vs ¥1,275.0 bn expected
- Aggregate financing ¥1,010.0 bn vs ¥1,625.0 bn expected
- China FX regulator chief says does not expect disorderly depreciation of the yuan
Offshore yuan relatively steady today: