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Spot USD/CNY Plummets 219 bps to Close at 7.3368
Recommend 4 Positive 9 Negative 7 2025/04/08 08:37 GMT
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Spot USD/CNY plunged 219 bps to close at 7.3368 today (8th). As of 4:37 pm, USD/CNY in the night session slid 280 bps. USD/CNH plummeted 137 bps to 7.3536, 168 bps below USD/CNY. The China Foreign Exchange Trade System announced today that the RMB/USD central parity rate was set at 7.2038, down 58 bps from the previous day. This marks the first time since September 2023 that the central parity rate has breached below the 7.2 level, signaling a relaxation of China’s controls over the RMB exchange rate.
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