USDCNH at 6-Month Lows Ahead of Key Chinese Data

As we alluded to above, the Chinese yuan is not a completely free-floating currency. Instead, the People’s Bank of China (PBOC) sets a “central parity rate” against a basket of world currencies (primarily the U.S. Dollar), and the currency is allowed to oscillate within a 2% band around that level….

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USDCNH at 6-Month Lows Ahead of Key Chinese Data

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