People’s Bank of China sets yuan reference rate at 6.8853 (vs. yesterday at 6.8881)

Author: Eamonn Sheridan | Category: Central Banks

PBOC USD/CNY reference rate for today

ps. iron ore futures in China +5% after last weeks slide. 

And, while you are here, some comments on China via BNP:
  • Activity rebounded in March 2019 but weakened again afterwards. The recent flare-up in trade tensions with the US has again darkened export prospects.
  • The central bank is easing liquidity and credit conditions, though the reduction in financial-instability risks via regulatory tightening should remain a priority. 
  • Fiscal policy has also turned expansionary through increased infrastructure spending and a rising number of household/corporate tax cuts.
  • In the short term, exports and private domestic investment should continue to decelerate. Tax measures should support consumer spending.
A mixed picture for sure from China - plenty of stimulus efforts, and trade tension in respite - but for how long is the question. 
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