PBOC sets the USD/CNY midpoint rate at 6.6070

Dhwani Mehta FXStreet

The People’s Bank of China (PBOC) set the USD/ CNY reference rate at 6.6070 on Wednesday vs. Tuesday’s 6.5897.

Meanwhile, the PBOC sets a 7-day reverse repo rate at 2.20% vs 2.20% prior.

USD/CNY under pressure

The Chinese yuan extends its bullish momentum into the second straight day vs. the US dollar. The greenback remains on the offers, as markets digest the vaccine euphoria.

USD/CNY was last seen trading at 6.5996, losing 0.23% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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