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Yuan parity is set at 6.8633 vs greenback by PBOC
On Wednesday, the People's Bank of China set China’s currency mid-point at 6.8633 versus the evergreen buck, after a two-day holiday, unlike last close of 6.8525.
Hong Kong's overnight Yuan borrowing rate tacked on to the highest value in almost five months in the trading day. The Interbank Offered Rate benchmark reached 21.07933% for overnight contracts, which is the highest outcome since January 6. As for the previous fix, it hit 5.35283%.
Meanwhile, the offshore Yuan firmed steeply because of the elevated Yuan borrowing costs and it reached 6.8108 per greenback. As for the implied overnight deposit rate, it headed north to 22.045%, having jumped 45.754% during Wednesday’s early trade.
The China Foreign Exchange Trade System normally sets the weighted average of prices provided by market makers. The highest as well as lowest offers are removed from the calculation. China’s key financial institution enables the greenback/yuan rate to ascend no more than 2% above or below the major parity rate.
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