Forex — PBOC Sets Yuan Parity At 6.6285 Against Dollar, 4th Straight Drop

Yuan parity — The People’s Bank of China set the yuan mid-point at 6.6285 against the dollar on Thursday, compared to the previous close of 6.6425, the fourth straight weaker fixing.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term.

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