CNY is China's onshore yuan. USD/CNY has hit its highest since September 2023:
This comes despite People's Bank of China efforts to support the yuan, continuing today with a fix below 7.2 again:
- PBOC sets USD/ CNY mid-point today at 7.1887 (vs. estimate at 7.3435)
7.1887*1.02 means it should top at 7.3324, its only permitted to trade +/- 2% from the reference rate. The People's Bank of China will intervene (so they tell us) to hold that range.
