China's central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday's fixing, and stronger than what analysts had predicted.
It was the fifth consecutive session where the People's Bank of China fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark.
Analysts were predicting the midpoint to be set at 7.0502 per dollar, according to Reuters estimates.central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday's fixing, and stronger than what analysts had predicted. fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark.
Analysts were predicting the midpoint to be set at 7.0502 per dollar, according to Reuters estimates. The onshore yuan last traded at 7.0395 in Tuesday's session.traded at 7.0277 against the dollar, slightly weaker than Tuesday's close but stronger than the end of last week, when it hovered around the 7.09 level.
The yuan depreciated past 7 per dollar last week for the first time since the global financial crisis of 2008, which prompted the
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