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17 Mar 2014
PBOC sets USD/CNY at 6.1321, risk up
FXStreet (Bali) - People’s Bank of China (PBOC) set the USD/CNY reference rate at 6.1321 vs 6.1502 close on Friday, and last fix of 6.1346. As a reminder, the new USD/CNY trading band comes into effect today, thus allowing the USD/CNY to fluctuate 2% as opposed to 1% in the past.
The decision to set a fairly low reference rate has spurred some initial waves of 'risk on', with the market dumping the Japanese Yen and US Dollar while bidding risk currencies such as the AUD, NZD, EUR, etc.
The decision to set a fairly low reference rate has spurred some initial waves of 'risk on', with the market dumping the Japanese Yen and US Dollar while bidding risk currencies such as the AUD, NZD, EUR, etc.