China’s central bank avoids moving official currency rate beyond symbolic 7-yuan-per-dollar level
On Wednesday, the central bank fixed the midpoint for onshore yuan trading at 6.9996, 0.45% weaker than the previous day.
The People’s Bank of China lets the currency move up to 2 percentage points on either side of that figure. It sets the range based partly on market prices but has discretion to adjust it using a “countercyclical” factor.
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