CHINA-ECONOMY: PBOC CUTS DAILY REFERENCE RATE FOR A FIFTH SESSION OF TRADING

Bloomberg (November 3) said that the People’s Bank of China (PBoC) cut its daily reference rate for a fifth session on November 3, which would allow the yuan to drop to a 15-year low of 7.4 per dollar within its daily trading band. It noted that didn’t happen even after the top  health body reaffirmed a Covid Zero stance after this week’s speculation. Yuan traders have been parsing PBOC’s fixings to gauge support from authorities for the beleaguered currency. It sold off after the central bank ended a string of steady yuan daily reference rate following the conclusion of a key leadership summit





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