China set the yuan fix at ¥7.0358 per dollar, 301 pips weaker than market estimates

On Friday, the People’s Bank of China announced that it has set the yuan’s daily fix at ¥7.0358 per dollar, which is 301 pips weaker than what traders and analysts had guessed in a Bloomberg survey. To make matters worse, that difference is the biggest miss since 2018, and Beijing’s decision came right after the offshore yuan dipped below ¥7 per dollar on Thursday for the first time since September 2024. Naturally, that freaked out a few folks in Beijing who’ve been pushing for a stronger yuan to please trading partners, but not so strong that foreign money floods in like crazy. On the same day, the National Bureau of Statistics dropped another number: China’s economy in 2024 was worth 134.8 trillion yuan ($19.23 trillion). That’s ¥101.8 billion lower than their earlier figure. It’s not great timing. Back in July, officials had said the economy would top ¥140 trillion in...

https://www.cryptopolitan.com/china-sets-yuan-fix-at-%c2%a57-0358-per-dollar/