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China’s yuan inches higher on firmer PBOC guidance even as US dollar rises
China’s yuan inched higher against the dollar on Friday, as the central bank set a much stronger guidance fix, in what investors interpreted as an official sign to keep the currency stable following US President Donald Trump’s new wave of tariffs. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate at 7.1475 per dollar, the strongest level since November 8, even as the greenback rose in global markets. Friday’s official midpoint guidance came in 296 pips firmer than a Reuters estimate of 7.1771, and the wide gap was interpreted as an official intention to prevent the yuan from ... (full story)
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