PBOC Sets Yuan's Midpoint Against US Dollar to Highest in Seven Months
Liao Shumin
DATE:  Feb 22 2019
/ SOURCE:  yicai

(Yicai Global) Feb. 22 -- China's central lender has moved the central parity rate between the Chinese yuan and the US dollar up to its highest in seven months. 

The People's Bank of China lifted the yuan-dollar central parity rate 69 basis points to 6.7151, which is the strongest since July 19. The rate is 508 bips firmer than at the start of this week on Feb. 18. The currency may deviate 2 percent from this midpoint in the forex trading market. 

The onshore spot exchange rate opened at 6.7278, 53 bips weaker than at the close yesterday. The offshore forex rate began trading today at 6.7260, after which it started to decline.

Editor: Emmi Laine  

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