In the wake of the Chinese rate cut onshore yuan is falling. Its hit its lowest (highest for USD/CNY) since November 20 2023:
- PBOC Rate CUT ___ (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%)
- China's largest ever cut to its benchmark reference rate for mortgages
![usdcny china lpr rate cut 20 February 2024 2](https://images.forexlive.com/images/usdcny%20china%20lpr%20rate%20cut%2020%20February%202024_id_524c0354-155d-4bc3-b214-ede43fd1dc41_size900.jpg)