Offshore yuan at its lowest since November last year as the PBOC relaxes its grip on CNY

I posted earlier in the week the good info from HSBC on the PBOC allowing the onshore yuan to weaken a little:

• HSBC expect the USD/CNY reference rate to drift higher (yuan weaker)

Which its done, setting the CNY at its lowest since November 2023 today:

• PBOC sets USD/ CNY central rate at 7.1192 (vs. estimate at 7.2653)

USD/CNH has popped higher, also to November 2023 levels:

More:

• The PBOC USD/CNY fixing is coming up soon – looks like the Bank is lightening up
• PBOC Loan Prime Rates (LPR) remain unchanged at today’s rate setting, as expected

This article was written by Eamonn Sheridan at www.forexlive.com. Source