Chinese Yuan Central Parity Rate Set at 6.8088 Against US Dollar, Marking a 21-Basis-Point Decrease

Deep News09:21

The central parity rate for the Chinese yuan, also known as the renminbi, was set at 6.8088 against the US dollar today.

This represents a decline of 21 basis points from the previous day's fixing.

According to the CME FedWatch Tool, the market currently sees a 71.7% probability that the US Federal Reserve will keep interest rates unchanged at its July meeting.

The probability of a cumulative 25-basis-point hike by July is priced at 28.3%.

Looking further ahead to September, the probability of the Fed holding rates steady is 36.1%.

The market assigns a 49.8% chance of a cumulative 25-basis-point increase by September, and a 14.1% chance of a cumulative 50-basis-point hike by that time.

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