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Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

PBOC sets yuan parity at 6.6597 vs dollar, strongest since Sept. 2016

Investing.com
Updated
Yuan parity
Yuan parity

Investing.com - The People's Bank of China set the yuan mid-point at 6.597 against the dollar on Tuesday, compared to the previous close of 6.6630, marking the strongest level since Sept. 22, 2016.

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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