Yuan Consolidates as Market Participants Assess PBOC's Yuan Fixing Vs. Dollar
Dow Jones
Oct 08
0200 GMT - The yuan consolidates against the dollar in onshore and offshore markets on the first trading day in mainland China after a long holiday. "The first fixing after the break could provide an important signal on the authorities' comfort with the recent RMB strength," two strategists at OCBC Group Research say in a note. However, "beyond the initial reopening adjustment, we would be cautious about reading too much into a single fixing; whether any move extends will depend on subsequent fixing signals and how onshore flows return after the holiday," the strategists add. The PBOC set today's USD/CNY fixing at 6.7367 versus 6.7351 on Sept. 30, CFETS data show. The dollar is little changed at 6.7015 onshore yuan, LSEG data show.
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