Home / Business / PBOC sets the RMB center at 7.0312 per dollar on August 14th

PBOC sets the RMB center at 7.0312 per dollar on August 14th

US Dollar and China Yuan arranged a photo on September 7, 2017.

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The Chinese central bank set the official yuan average at 7.0312 dollars on Wednesday, stronger than on Tuesday and stronger than analysts predicted.

It was still the fifth consecutive session in which the People's Bank of China (PBOC) set the midpoint at a level weaker than the psychologically important 7-yuan per-dollar mark.

Analysts forecast the mid-point According to Reuters estimates, the price is set at $ 7.0502 per dollar. The onshore yuan last traded on Tuesday at 7,0558 and on Wednesday morning at 1

0:00 am HK / SIN at 7:02:36. The offshore yuan was trading at 7.0397 against the dollar, slightly weaker than the close on Tuesday, but stronger than the end of last week when it hit 7.09.

The yuan rallied last week for the first time since 7 The global financial crisis of 2008 led the US Treasury to designate China as a currency manipulator.

A weaker currency makes a country's exports more attractive on international markets, and US President Donald Trump has complained that China is getting a cheaper yuan trade advantage.

The PBOC trades the spot rate of the currency at a rate of 2% above or below the official benchmark of the day. This is referred to as the onshore yuan. The less restrictive exchange rate used outside mainland China is called the offshore yuan.

Investors typically examine the difference between onshore and offshore exchange rates to determine if the Chinese central bank manipulates the yuan.

– Saheli Roy Choudhury of CNBC contributed to this report.

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