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Investing.com - The People's Bank of China set the yuan mid-point at 6.7858 against the dollar on Wednesday, the strongest since Nov. 9, and compared to the previous close of 6.7945.
The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.
Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near teerm
ING Markets on Tuesday noted May foreign reserves data is due Wednesday. The consensus forecast is for a US$19 billion increase to US$3.048 trillion, which would be the fourth consecutive monthly increase (US$20 billion in April).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
