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The People's Bank of China set its yuan reference rate at 6.4069 per dollar, weaker than the Bloomberg survey average of 6.4042. It also boosted short-term liquidity by injecting 100 billion yuan into money markets, citing tax payments and bond issuance.
The move followed the yuan's largest one-day rally since January.
The weaker fix signals Beijing's intent to slow yuan appreciation and protect export competitiveness. This keeps the dollar-yuan rate firmer, which has modest implications for Chinese import costs for US and Brazilian commodities.
caixinglobal.comOct 20, 2021After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
