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27 Feb 2015
PBoC weakens Yuan, sets USD/CNY midpoint at 6.1475 – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team shares the key updates for Chinese markets, noting that PBoC has weakened the Yuan to lowest levels since early November, to ease burden on exports.
Key Quotes
“USD/CNY: (CN) PBoC sets yuan mid point at 6.1475 v 6.1379 prior setting”
“Shanghai Composite continued its rally despite the cautious sentiment from the National Stats Bureau. NBS noted single digit export growth could be new norm for China, and the potential for improvement in external demand may be limited, as developing economies begin to feel the spillover effect of Fed rate hikes.”
“To ease some of the burden on exports, PBoC has notably weakened the Yuan setting midpoint in today's session to its lowest level since early November.”
Key Quotes
“USD/CNY: (CN) PBoC sets yuan mid point at 6.1475 v 6.1379 prior setting”
“Shanghai Composite continued its rally despite the cautious sentiment from the National Stats Bureau. NBS noted single digit export growth could be new norm for China, and the potential for improvement in external demand may be limited, as developing economies begin to feel the spillover effect of Fed rate hikes.”
“To ease some of the burden on exports, PBoC has notably weakened the Yuan setting midpoint in today's session to its lowest level since early November.”