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USD/CNH falls back from record high as PBOC comments on dollar gains
Yesterday a couple of updates here noted the potential and later rise of the Dollar versus the offshore Chinese Yuan. Indeed the USD/CNH did eventually take out the previous record high yesterday evening, as covered here at the time. Well, the push higher extended earlier today and that saw a new all time high for the USD/CNH, at 7.4273. However, it has backed away from that record now and fallen back below the 7.3749 breakout level. The reason for that reversal? The PBOC (Peoples Bank of China) has not long ago has asked major state banks to refrain from dollar purchases, stating it will not resort to currency manipulation in order to counter US tariff measures. Well, that looks like a hollow comment to be honest with you, but it has had an impact and pushed the USD/CNH down a bit since. The USD/CNH is right now at 7.3695
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