Yuan Drops to Seven-Month Low as PBOC Weakens Fixing Again

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What’s new: China’s central bank weakened the yuan’s daily reference rate for a seventh straight trading day, signaling that policymakers are letting the currency decline slowly against the dollar as part of measures to support China’s economy.

The Chinese currency’s central parity was set at 7.1270 against the U.S. dollar on Thursday, compared with 7.1248 the previous day, according to data from the China Foreign Exchange Trade System (CFETS). The fixing was the weakest since Nov. 21.

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China's central bank weakened the yuan's daily reference rate, reaching 7.1270 against the dollar on Thursday, the weakest since Nov. 21.
The currency's decline is part of measures to support the economy, amidst higher U.S. interest rates and China's economic challenges.
The PBOC manages the yuan closely to ensure an orderly decline, with the onshore yuan closing at 7.2689 and the offshore yuan at around 7.3 to the dollar.

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What Happened When

November 21, 2023：: The yuan's daily reference rate was previously at its weakest point before the latest adjustment.

June 26, 2024：: The Chinese currency’s central parity was set at 7.1248 against the U.S. dollar.

June 27, 2024：: China’s central bank weakened the yuan’s daily reference rate to 7.1270 against the U.S. dollar; the official spot closing rate of the onshore yuan was 7.2689.

AI generated, for reference only