PBOC sets new USD/CNY reference rate at 7.1992 compared to 7.1966 earlier

The People’s Bank of China (PBOC) has set the USD/CNY reference rate at 7.1992, slightly higher than the previous rate of 7.1966. This adjustment indicates a modest depreciation of the yuan against the U.S. dollar. The PBOC’s daily reference rate, also known as the central parity rate, serves as a benchmark for the yuan’s value and allows the currency to fluctuate within a predetermined range. Such adjustments are closely monitored by investors and analysts, as they can influence trade dynamics and capital flows between China and its global partners.