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Home
> Central Banks
> Chinese state banks are in the spot market seen selling dollars for CNY
Central Banks
CNY

Chinese state banks are in the spot market seen selling dollars for CNY

  • Intervention to prop up the yuan
Eamonn Sheridan
Eamonn Sheridan
Tuesday, 16/04/2024 | 01:58 GMT
16/04/2024 | 01:58 GMT
  • 0

The People's Bank of China set the CNY weaker today, its weakest in around 6 weeks. The US dollar is, of course, supoer-strong so the Bank is under pressure:

  • PBOC sets USD/ CNY mid-point today at 7.1028 (vs. estimate at 7.2475)

Chart is of offshore yuan, USD/CNH. USD/CNH jumped, to be met with the selling. A subdued fall so far.

usdcnh yuan intervention 16 April 2024 2
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Tags

  • CNY
  • China Stock Market
  • China
  • CNH
  • pboc
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