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China's yuan surges to record high

China's yuan surges to record high

Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3478 per dollar, 190 pips or 0.3% weaker than the previous fix of 6.3288, the softest since Feb. 22.

China's yuan rose to an all-time high versus its major trading peers on Monday as currency markets come to grips with the volatile situation around the Ukraine crisis.

Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3478 per dollar, 190 pips or 0.3% weaker than the previous fix of 6.3288, the softest since Feb. 22.

However, the yuan's trade-weighted CFETS basket index rose to 106.07, the highest level since the index was introduced in early 2015, Reuters calculation based on official data.

Published on: Mar 07, 2022, 7:57 AM IST
Posted by: Sana Ali, Mar 07, 2022, 7:54 AM IST
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