The People’s Bank of China (PBOC) has set the USD/CNY reference rate at 7.1982, marking a slight increase from the previous rate of 7.1910. This adjustment reflects Beijing’s efforts to balance currency stability with the broader economic pressures stemming from global monetary tightening and domestic recovery challenges.
This move comes as the yuan faces persistent depreciation pressures, with markets closely watching for signs of intervention. By setting a higher midpoint, the PBOC signals its intent to maintain control over the currency’s trajectory while allowing flexibility amid global uncertainty. The decision could also influence investor sentiment, as policymakers navigate a complex economic environment.
