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PBOC Sets Official Midpoint Rate for Yuan at Highest Level in Five Months

China’s central bank PBOC has raised the official midpoint rate of the yuan to the highest level in five months in keeping with the recent bullishness in the currency. On Wednesday, the PBOC has set the official midpoint rate of the yuan at 6.9450 against the US dollar, 0.35% stronger than the previous level.

The Chinese yuan has been strengthening in recent weeks on the back of the confirmation regarding the phase one trade deal. Earlier last month, both the US and China had confirmed that they were ready to sign the partial trade agreement.

The phase one trade agreement is set to be signed on January 15 at the White House. The signing ceremony will be attended by a team of trade delegates from China led by Vice Premier Liu He.

On Wednesday, the Chinese yuan has been trading steady against the US dollar firmly under the key level of 7.00. At the time of writing, USD/CNH is trading at around 6.943.

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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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