On Monday, the People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.5719 vs. Friday’s 6.5786.
The PBOC injected a net CNY40 billion via seven-day reverse repos in open market operations (OMOS).
USD/CNY in lows
USD/CNY trades flat at 6.5608, as of writing. The spot is extending declines from near 6.5630 levels amid risk-on mood induced broad-based US dollar weakness.
"Chinese yuan has resumed its rise against the USD, hitting its highest level to 6.57 since June 2018, with a breakthrough in multilateral trade and renewed weakening of the dollar being the trigger. Experts predict Yuan's appreciation trend against the USD expected to continue in 2021," the Glboal Times tweeted.
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