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CNY Exchange Rate | CNY Closes Up 196 Points, Breaks Through 6.9
The Chinese yuan is strengthening, with the onshore CNY closing above 6.9 against the US dollar, gaining 196 pips, with a high of 6.8815 during trading.
The onshore CNY/USD closed at 6.8817, up 196 pips or 0.28% from 6.9013 at 4:30 PM yesterday, and 56 pips stronger than the last trade at 6.8873 at 11:30 PM.
The offshore CNH briefly broke below 6.88, reaching a high of 6.8771. As of 5:06 PM Hong Kong time, the offshore rate was 6.8857, while the onshore rate was 6.8842.
The official midpoint rate today was set at 6.8898, up 77 pips from yesterday, reaching a nearly 3-year high.
Traders note that ongoing Middle East conflicts are spilling over, and the negative impact on the global economy may become more apparent. The yuan is expected to continue fluctuating within a range in the short term.
DBS Bank states that given the Federal Reserve’s constrained rate-cut cycle and the sustained strength of the US dollar, the People’s Bank of China faces a narrower policy space. It needs to balance supporting domestic growth with maintaining exchange rate stability. The strengthening dollar also limits the central bank’s room to cut rates and increases the constraints on using easing policies to offset capital flow volatility.