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On Thursday (22nd), the China Foreign Exchange Trade System announced the central parity rate of the RMB against the US dollar, which was lowered by 5 points to 7.0019 per US dollar

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The central parity rate of the RMB was lowered by 5 points to 7.0019 against the US dollar

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The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or "midpoint."Previous close 6.9640

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PBOC sets USD/ CNY reference rate for today at 7.0019 (vs. estimate at 6.9697)

Chinese lending to Africa dropped to $2.1 billion in 2024, marking a significant decline as the country shifts its strategy from large infrastructure projects to smaller, commercially viable initiatives. This change is reflected in the increasing use of yuan-denominated loans, with all infrastructure loans to Kenya in 2024 being in yuan. The focus has shifted towards strategic partnerships and targeted financing, with only six projects funded across the continent, highlighting a more cautious approach to lending.

- In 2024, China's loans to Africa decreased to $2.1 billion, marking a notable shift towards selective, strategic projects, particularly in Kenya and Egypt.  
- The shift includes a transition from dollar-denominated loans to those in RMB, with China focusing on smaller, commercially viable projects rather than large-scale infrastructure.  
- The report highlights that China funded only six projects across Africa, with significant emphasis on maintaining long-term relationships, especially in Angola, reflecting a more cautious lending approach.

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China's Africa lending nearly halved in 2024, shifts to yuan

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Suzhou's 15th Five-Year Plan aims to enhance the innovative use of digital RMB across the city and various sectors. The proposal, issued by the Suzhou Municipal Party Committee, emphasizes improving the financial service system, implementing a plan for the high-quality development of digital finance, promoting AI and finance integration, and establishing a national key laboratory for digital finance.

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Suzhou's "15th Five-Year Plan" proposes to expand the innovative applications of digital RMB across the entire city and in all sectors.

China's central bank: Will accelerate development of cross-border yuan payment system in 2026 - statement

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China's central bank: Will accelerate development of cross-border yuan payment system in 2026 - statement

China Galaxy Securities received approval from the China Securities Regulatory Commission to issue RMB 5 billion in corporate bonds for technological innovation

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The onshore Chinese yuan against the US dollar closed down 47 points today (21st), at 6.9650 per US dollar. As of 4:38 PM, the yuan in the night session fell 40 points; the offshore yuan dropped 63 points, at 6.9602 per US dollar, which is 48 points higher than the onshore rate

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The onshore RMB spot exchange rate fell by 47 points, reporting at 6.9650 against one US dollar

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The offshore yuan fell to approximately 6.96 per dollar as the People's Bank of China (PBoC) maintained a weak daily fixing at 7.0014 per dollar, below market expectations. This move reflects the central bank's caution against excessive currency strength that could harm exporters and financial stability. The PBoC also kept the one- and five-year loan prime rates unchanged at 3% and 3.5%, indicating continued policy stability for eight months.

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Offshore Yuan Falls as PBoC Maintains Weak Fixing

The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or "midpoint." Previous close 6.9598Earlier:PBOC expected to set USD/CNY reference rate at 6.9578more to come

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PBOC sets USD/ CNY mid-point today at 7.0014 (vs. estimate at 6.9578)

On Wednesday (21st), the China Foreign Exchange Trade System announced the central parity rate of the Renminbi against the US dollar, which was lowered by 8 points to 7.0014 per US dollar

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The central parity rate of the RMB was lowered by 8 points to 7.0014 against the US dollar

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China PBOC expected to set yuan mid-point at 6.9578 per dollar

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China PBOC expected to set yuan mid-point at 6.9578 per dollar

The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.9578, a key indicator in Asian forex markets. The PBOC operates a managed floating exchange rate system, allowing the yuan to trade within a 2% band around a daily midpoint. This midpoint is influenced by various factors, including previous closing prices and economic conditions. The fixing serves as a policy signal, indicating the PBOC's stance on currency strength or weakness, especially during periods of global volatility.

PBOC is expected to set the USD/CNY reference rate at 6.9578 – Reuters estimate

On Tuesday (January 20), at the New York close (Wednesday, 05:59 Beijing time), the offshore Chinese yuan (CNH) against the US dollar was reported at 6.9557, up 10 points from the New York close on Monday, trading overall within the range of 6.9578 to 6.9497 during the day

On Tuesday, the offshore RMB briefly rose above 6.95 yuan

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The central parity rate of the RMB was lowered by 5 points to 7.0019 against the US dollar

PBOC sets USD/ CNY reference rate for today at 7.0019 (vs. estimate at 6.9697)

China's Africa lending nearly halved in 2024, shifts to yuan

Suzhou's "15th Five-Year Plan" proposes to expand the innovative applications of digital RMB across the entire city and in all sectors.

China's central bank: Will accelerate development of cross-border yuan payment system in 2026 - statement