PBOC Sets USD/CNY Reference Rate Slightly Above Previous Fix

The People's Bank of China (PBOC) established the central reference rate for USD/CNY at 6.7895 for Thursday’s trading session, according to FX Street.

This rate marks a modest increase from the previous day’s fix of 6.7889, while notably exceeding the Reuters estimate of 6.7462. The central reference rate serves as a key benchmark for onshore currency trading in China.

For Japanese investors and traders, the PBOC’s setting of the yuan’s midpoint impacts FX and equity markets, particularly given Japan’s close trade ties with China and the ongoing volatility in regional currency pairs.