USD/CNH

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Friday at 6.7180 compared to the previous day's fix of 6.7195 and 6.6758 Reuters estimate.

On Thursday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7195 compared to the previous day's fix of 6.7192 and 6.6756 Reuters estimate.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Wednesday at 6.7192 compared to the previous day's fix of 6.7200 and 6.6779 Reuters estimate.

Commerzbank’s Volkmar Baur explains that the PBoC will shift its operational policy rate from the 7‑day to the overnight reverse repo, aligning with actual money‑market usage and previously signaled testing at 1.25%. Bond yields and markets had already priced this lower rate, and Commerzbank still expects a gradual appreciation of the CNY, driven more by PBoC guidance than rate differentials.

Brown Brothers Harriman’s Elias Haddad reports that USD/CNH has broken to fresh multi‑year lows near 6.6800 after stronger‑than‑expected China Q3 GDP, which keeps growth on track for the government’s 4.5%–5.0% 2026 target. BBH stresses that structural weaknesses in consumption and investment persist, but still sees the USD/CNH downtrend intact, supported by CNH internationalization and internal rebalancing.

Commerzbank’s Volkmar Baur notes China’s reported 4.5% year-on-year Q3 growth, despite weak investment and flat real retail sales. He argues Beijing appears broadly satisfied and unlikely to deliver major new stimulus.