Renminbi Midpoint Against US Dollar Rises 60 Basis Points to 6.8375, Highest Since March 24, 2023

Deep News09:20

On May 19th, the central parity rate of the renminbi against the US dollar was set at 6.8375, marking an increase of 60 basis points. This adjustment represents the highest level for the midpoint since March 24, 2023.

Separately, Kevin Warsh is scheduled to be sworn in as the Chairman of the Federal Reserve on the 22nd. A White House official indicated that President Trump will host the swearing-in ceremony for Warsh at the White House on that day.

The US Senate confirmed Warsh as the next Fed Chair on the 13th with a vote of 54 in favor and 45 against, succeeding Jerome Powell for a four-year term. Powell's tenure as Fed Chair concluded on the 15th, and he has since assumed the role of Interim Chairman of the Federal Reserve.

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