Onshore, Offshore Yuan Rates Slide Despite PBOC Support
Xu Wei
DATE:  Aug 26 2019
/ SOURCE:  yicai

(Yicai Global) Aug. 26 -- Both the onshore and offshore yuan-dollar rates favored the greenback this morning, despite the People's Bank of China lowering their central parity rate by 2 basis points, essentially strengthening the yuan.

The onshore yuan opened 500 bips weaker at 7.1319 after closing at 7.0825 on Aug. 23. The offshore redback started almost 400 bips worse off at 7.1751 compared with the previous close of 7.1355.

The international yuan has reclaimed some ground and was trading at 7.1589 a dollar as of 11.50 a.m., though the onshore figure had weakened further to 7.1415.

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