The yuan hit 6.659 per dollar, its strongest since June 2022, yet the PBOC set its fix 590 pips weaker than estimates ahead of EU revaluation talks. It also made a 1.25% overnight repo rate its main policy rate.
Xi Jinping addressed the fifth plenary session of the 20th Central Committee, which closed on 29 October after a record 33 expulsions and set the 21st National Congress for the second half of 2027. Source
The onshore yuan closed the week at 6.659 per dollar, its strongest since June 2022, capping a fifth straight weekly gain and a fourth monthly one. That puts it up 5.0% against the dollar this year, with the CFETS basket (the China Foreign Exchange Trade System's trade-weighted index) at 103.77, the highest since July 2022. The number to watch sat elsewhere on the screen. The daily fixing came in at 6.7138, 590 pips weaker than a Reuters estimate, and spot finished about 0.8% stronger than the official midpoint.
