# China's yuan firms as central bank pledges again to stabilize currency

> The PBOC set its yuan midpoint at 7.2098 per dollar, weaker than the prior fix of 7.1968 but about 400 pips firmer than Reuters estimates. The central bank has been pushing back against yuan weakness through its fixings.

- Date: 2023-07-06 · published 2023-07-06T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/35262-china-s-yuan-firms-as-central-bank-pledges-again-to-stabilize-currency
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Central bank fixings that lean against depreciation limit yuan weakness, which affects the cost of dollar-priced feed imports into China.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2016-12-03 | [China should use part of its foreign reserves to stabilize yuan expectations: central bank adviser](https://feedsoft.ai/events/73694-china-should-use-part-of-its-foreign-reserves-to-stabilize-yuan-expectations.md) | +0.3% | +1.1% |
| USDCNY | 2022-09-06 | [Why China's central bank is shoring up the yuan](https://feedsoft.ai/events/12268-why-china-s-central-bank-is-shoring-up-the-yuan.md) | +0.4% | +3.1% |
| USDCNY | 2019-05-17 | [China's central bank won't let yuan weaken past 7 to the dollar-sources](https://feedsoft.ai/events/59283-china-s-central-bank-won-t-let-yuan-weaken-past-7-to-the-dollar-sources.md) | +0.4% | +0.6% |
| USDCNY | 2022-04-27 | [China economy: Central bank tries to slow weakening yuan vs US dollar](https://feedsoft.ai/events/4947-china-economy-central-bank-tries-to-slow-weakening-yuan-vs-us-dollar.md) | +0.8% | +1.5% |
| USDCNY | 2024-12-19 | [China's central bank offers strongest yuan support since July after dollar gains](https://feedsoft.ai/events/27167-china-s-central-bank-offers-strongest-yuan-support-since-july-after-dollar-gains.md) | +0.2% | +0.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/chinas-yuan-firms-central-bank-pledges-again-stabilize-currency-2023-07-06/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.