PBOC Weakens Yuan by 139 Bips to 6.9741 Against Dollar
Dou Shicong
DATE:  Jan 25 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 25 -- The People's Bank of China weakened the yuan by 139 basis points against the dollar this morning, fixing the central parity rate at 6.7941 and taking the redback's total depreciation against the American currency to 276 bips this week.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 4 basis points lower than yesterday's market-based closing price of 6.7945. 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