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PBOC sets RMB midpoint at 7.0312 per dollar Aug. 14



US dollar and China Yuan set for a photo on September 7, 2017.

studioEAST | Getty Images

China's central bank set an official midpoint reference for the yuan at 7.0312 per dollar on Wednesday – stronger than Tuesday's fix, and stronger than analysts have set.

This is, still, the fifth consecutive session in which People & # 39; s Bank of China (PBOC) settled mid-level at a level weaker than the psychologically important 7-yuan-per-dollar mark.

Analysts predict the mid-set at 7.0502 per dollar, according to Reuters estimates. The onshore yuan was last traded at 7.0558 in Tuesday's session, and on Wednesday morning at 1

0.00 a.m. HK / SIN is at 7.0236. The offshore yuan was traded at 7.0397 against the dollar, a bit weaker than it was on Tuesday but stronger than last week's close, when it hit around 7.09 levels.

The yuan revoked the past 7 per dollar last week for the first time since the global financial crisis in 2008, prompting the U.S. Treasury Department to appoint China as a currency manipulator. trade advantage.

The PBOC allows the currency exchange rate to be 2% above or below the official midpoint of the day and is known as the onshore yuan. The less restrictive exchange rate used outside of mainland China is known as the offshore yuan.

Investors typically look at the difference between onshore and offshore exchange rates to determine if the Chinese central bank manipulates the yuan.

– CNBC's Saheli Roy Choudhury contributed to this report.


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