People’s Bank of China fixes yuan reference rate at 6.8650, compared with last close of 6.8288

The People's Bank of China set the yuan's daily reference rate at 6.8650, weaker than the previous close of 6.8288, marking one of the largest downward fixes in recent months. This move signals tacit approval for a softer yuan, likely aimed at supporting export competitiveness amid sluggish domestic demand and weakening external trade volumes. The widening gap between the fixing and market-clearing rate increases pressure on CNY, affecting offshore yuan liquidity and Chinese bank balance sheets with foreign currency exposure. The adjustment may trigger capital outflow pressures, influencing portfolio flows into China equities and bonds, particularly in the banking sector. Traders will watch the upcoming Caixin manufacturing PMI and PBOC's open market operation rates for signals on further policy easing or currency intervention.

The Chinese Yuan (CNY / CNH) is managed by the PBOC with a daily reference fix. PBOC fixes, Chinese trade data, and Politburo statements drive USD/CNH direction. Offshore CNH responds faster than onshore CNY.

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