China central bank lifts yuan reference rate by the most in 3 weeks
|The People's Bank of China (PBOC) raised its yuan midpoint rate to 6.7662 - the biggest one-day fix in percentage terms since July 5.
The firmer daily fix could help the oversold Chinese currency stage a stronger corrective rally.
That said, the relief could be short-lived, courtesy of the Sino-US trade tensions and the rising odds of a full-blown currency war between two of the world's biggest economies.
At press time, USD/CNY is trading at 6.7313, having clocked a one-week low of 6.7360.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.