China’s Central Bank: Official Reference Rate – 7-Yuan-Per-Dollar Level
NEW YORK / CITY OF LONDON (SteveRichFX.com) – China’s central bank set the official reference rate for the Chinese currency at 7.0039 yuan per dollar — the weakest level since 11 years.
Traders are watching the currency after the currency breached the important 7-yuan-per-dollar level. President Trump labeled Beijing a currency manipulator.
It was the first time since the 2008 crisis that the midpoint was set weaker than 7 per dollar, which makes Chinese exports more attractive.
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