Yuan Mixed as Traders Digest PBOC's USD/CNY Fixing -- Market Talk

Dow Jones01-06

0201 GMT - Yuan is mixed against the U.S. dollar as traders digest the PBOC's fixing of USD/CNY at 7.1876 this morning, below the psychological 7.2000 level. However, the recent tight management of USD/CNY has caused the trade-weighted yuan to rise along with the dollar, RBC Capital Markets' Alvin T. Tan says in an email. Beijing needs to allow USD/CNY to rise to fresh cycle highs to alleviate the effective tightening of monetary policy that is coming from the appreciating trade-weighted yuan, the head of Asia FX Strategy adds. USD/CNY is 0.1% higher at 7.3255; USD/CNH is 0.1% lower at 7.3495. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 05, 2025 21:01 ET (02:01 GMT)

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Beijing needs to allow USD/CNY to rise to fresh cycle highs to alleviate the effective tightening of monetary policy that is coming from the appreciating trade-weighted yuan, the head of Asia FX Strategy adds. USD/CNY is 0.1% higher at 7.3255; USD/CNH is 0.1% lower at 7.3495. 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