USD/CNY: Yuan hits fresh 3-week highs as PBOC lifts Yuan fix

The Chinese currency jumped higher versus its US counterpart, dragging USD/CNY to the lowest levels in three-weeks after the PBOC stalled devaluation today and instead lifted the Yuan reference rate slightly higher.

The PBOC set the yuan reference point against the US dollar at 6.8575, 153 basis points or 0.43% stronger than Monday’s fix of 6.8870.

Meanwhile, the USD/CNY pair traded -0.20% lower at 6.8681 at mid-day, a tad stronger than Monday’s close of 6.8815.