SHANGHAI :
PBOC Strengthens Yuan by 167 Bips to 6.7802 a Dollar
Dou Shicong
DATE:  Jan 24 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 24 -- The People's Bank of China strengthened the yuan by 167 basis points against the dollar this morning, fixing the central parity rate at 6.7802 and ending four straight days of a waning redback.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 86 basis points lower than yesterday's market-based closing price of 6.7888. Yesterday's close was 215 bips lower than the trade prior, which had been the yuan's weakest daily finish since Jan. 9. A lower rate means a stronger yuan

The CFETS sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: James Boynton

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Keywords:   Central Parity Rate,PBOC