The People’s Bank of China (PBOC) has set the USD/CNY reference rate at 7.1966, slightly lower than the previous 7.1991. This adjustment reflects the central bank’s ongoing efforts to manage the yuan’s value amid global economic fluctuations. By setting the reference rate marginally lower, the PBOC aims to balance export competitiveness with import costs, ensuring economic stability. This move indicates a cautious approach to currency management, considering both domestic economic conditions and international market dynamics.
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