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People's Bank of China Sets Yuan Mid-Point at 6.7498 Against US Dollar
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KLEA Finance Daily: Tuesday, September 22, 2026
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PBOC Expected to Set USD/CNY Reference Rate at 6.6971
The People's Bank of China (PBOC) is anticipated to establish the USD/CNY reference rate at 6.6971, a key indicator closely monitored in Asian foreign exchange markets. This daily fixing, set around 0115 GMT, reflects a combination of factors including the previous day's closing price, movements in major currencies, and domestic economic conditions.
In late August, the PBOC set its reference rate at the widest weak side deviation from market estimates in six months, following a period where the yuan reached a three and a half year high against the US dollar. Analysts interpreted this move as a signal from the central bank to slow the pace of the yuan's appreciation, rather than reversing the overall upward trend. The yuan has appreciated significantly against the dollar this year, raising concerns about the potential impact on China's export competitiveness amid signs of economic softness.
China operates a managed floating exchange rate system, allowing the yuan to trade within a band of plus or minus 2% around the daily midpoint. The PBOC retains the discretion to intervene in the market to stabilize the currency, either through direct buying or selling of yuan or by adjusting liquidity conditions. As such, the daily fixing serves as a critical policy signal, indicating the central bank's stance on currency valuation and market expectations.
© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: KLEA News