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Australian dollar jumps after strong reference rate setting for onshore yuan (CNY)

Eamonn Sheridan
21/11/2023 | 01:18 GMT

A very strong yuan setting today:

  • PBOC sets USD/ CNY central rate at 7.1406 (vs. estimate at 7.1677)

AUD catching a wee bid:

aud pboc usd cny 21 November 2023 2

AUD/USD back to the high it hit after the RBA minutes earlier:

  • RBA minutes show intense focus on inflation and inflation expectations risks

The reason AUD tends to like a strong yuan is that China is the destination for the biggest chunk of Australia's exports, a strong yuan gives China more leeway to buy Aussie exports (iron ore and what have you mainly).

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