China's Yuan Weaker: PBOC Slows Currency's Gain

Chinas Central Bank Tightens Yuans Grip: A Strategic Move Amidst Rising Currency ValueThe Peoples Bank of China (PBOC) recently set the yuans daily reference rate at a weaker level than expected, aiming to slow down its appreciation. The set rate of seven point zero seven three three yuan per US dollar was the largest deviation from forecasts since February 2022. This move indicates the central banks efforts to manage the currencys strength, as the yuan has been gaining value rapidly due to improved US-China relations and a weaker US dollar. Despite this, the yuan is on track for its best year since 2020, driven by easing trade tensions and increased investment in Chinese stocks.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.