Onshore yuan falls to its weakest since September 2023 ...Middle East

This comes despite People's Bank of China efforts to support the yuan, continuing today with a fix below 7.2 again:

PBOC sets USD/ CNY mid-point today at 7.1887 (vs. estimate at 7.3435)

7.1887*1.02 means it should top at 7.3324, its only permitted to trade +/- 2% from the reference rate. The People's Bank of China will intervene (so they tell us) to hold that range.

This article was written by Eamonn Sheridan at www.forexlive.com.

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