China's Yuan Strengthens Against US Dollar, Reaching Highest Level Since February 2023

Deep News09:20

On August 10, the People's Bank of China set the midpoint rate for the yuan against the US dollar at 6.7884, representing an increase of 20 points from the previous trading day.

This marks the strongest level for the yuan's midpoint since February 10, 2023, indicating continued appreciation pressure on the Chinese currency.

According to the CME Group's FedWatch tool, market expectations for the Federal Reserve's September meeting show a 55.6% probability of maintaining the current interest rate, while the chance of a 25-basis-point hike stands at 44.4%.

Looking ahead to October, the FedWatch data indicates a 40.8% probability of rates remaining unchanged, with a 47.4% likelihood of a single 25-basis-point increase and an 11.8% chance of a cumulative 50-basis-point hike.

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