USD/CNY has just touched the upper band (lower band for the yuan currency) of its daily trading range at 7.3325 for today. For some context, the PBOC set the pair at 7.1887 today here and can vary 2% above or below the setting/midpoint. It's a rough start to the year for China with the yuan suffering and stocks also dribbling lower alongside bond yields. From earlier this week: The Chinese yuan is a key place to watch as the new year is likely to dawn
This article was written by Justin Low at www.forexlive.com.
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