Yuan Reference Rate Set 0.04% Higher at 7.0875 per Dollar

(Seoul=Yonhap Infomax) International Economics Department = On the 21st, the People's Bank of China (PBOC) set the yuan's reference rate higher.

The central bank set the dollar-yuan central parity rate at 7.0875 yuan on Monday morning, down 0.0030 yuan, or 0.04%, from the previous session. A lower dollar-yuan rate indicates a stronger yuan against the US dollar.

The previous session's interbank closing price (screen number 6402) was 7.1167 yuan.

The yuan's appreciation reflects ongoing efforts by Chinese authorities to stabilize the currency amid global market volatility.

Trend Analysis: The yuan has shown modest strengthening against the US dollar, with the reference rate moving below the previous session's close. This adjustment signals the PBOC's intent to maintain currency stability as external pressures persist.

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