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PBOC reference rate for today is the weakest for CNY since December 1 2022

Eamonn Sheridan
24/05/2023 | 01:29 GMT

The People's Bank of China mid rate for onshore yuan today:

  • PBOC sets USD/ CNY mid-point today at 7.0560 (vs. estimate at 7.0566)

Offshore yuan is weakening further, USD/CNH is above 7.08 for the first time since December ;last year also:

usdcnh 24 May 2023 weak

Yesterday I posted on the Global Times looking for any excuse except the faltering Chinese economic recovery:

  • Chinese tabloid says there is no basis for long-term yuan depreciation

The People's Bank of China are probably having a giggle at those clowns today.

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