Bill Gross says today's official yuan setting is critical
Set your watches, the daily reference rate is usually released at 0115 GMT (9:15 pm ET). We'll have the results as soon as they're out.
The rate today was 6.2298 per USD.
FX trading is held in a 2% band on either side of that rate. It rose as high as 6.3250 today.
Time (of all places) actually has a pretty good breakdown of what China is trying to do with its currency.
"As Chen Long of Gavekal Dragonomics in Hong Kong recently explained, China has twin (and sometimes competing) goals for exchange rates. On the domestic front, it wants to help exporters with a cheaper currency, but it also wants to maintain a strong currency to prevent capital outflows that may weaken the country's economy further. On the international side, China wants to avoid a trade war with the U.S., which it would have if it severely weakened the currency."
