PBOC is expected to set the USD/CNY reference rate at 6.8400 – Reuters estimate

The PBOC is anticipated to set the USD/CNY fixing at 6.8400, according to a Reuters estimate, slightly stronger than the previous day’s level. This move reflects central bank guidance aimed at stabilizing the yuan amid mixed external pressures from a firming dollar and ongoing capital outflows. The adjustment influences onshore yuan trading and signals tolerance for limited depreciation as trade-weighted stability remains a priority. Markets are weighing the impact of potential Fed rate hikes against China's accommodative monetary stance, keeping the yuan sensitive to shifts in rate differentials and risk sentiment. Traders will watch the upcoming Caixin manufacturing PMI and PBOC liquidity operations for cues on near-term yuan direction.

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