PBOC to set Yuan reference rate at 7.1055 per US Dollar - Reuters estimate
|The People's Bank of China (PBOC) is expected to set the Yuan reference rate 7.1055 per US Dollar today, having announced the fixed the mid-point rate at 7.0570 on Monday.
Essentially, the central bank is expected to devalue Yuan by 485 pips. That will likely trigger another wave of risk aversion in the markets in which case traditional safe havens like Gold, Japanese Yen, and Swiss Franc could rise sharply. The slide in Yuan will likely hurt Asian currencies except Japan's Yen.
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.