USD/CNH: Offshore Yuan hits lowest level since August 2017
|- The PBOC set Yuan mid-point at the lowest level since Aug. 25, 2017.
- In response, the offshore Yuan (CNH) fell to lowest level since August 2017.
The People's Bank of China set the Yuan reference rate at 6.6497 today - the lowest level since August 25, 2017.
The offshore Yuan (CNH) exchange rate is feeling the heat from the PBOC's weaker Yuan fix. The CNH has weakened past 6.7 per dollar for the first time since August 16, 2017.
At press time, the USD/CNH pair is trading 6.7122. Meanwhile, the onshore Yuan or USD/CNY is changing hands at 6.6632, according to Reuters.
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