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Central Bank's Fixing Adjustment Propels Chinese Yuan to 10-Month Peak
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Chinese Yuan Hits 10-Month High as Central Bank Boosts Fixing
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CNBC TV18
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03-03-2026, 10:54
Chinese Yuan Hits 10-Month High as Central Bank Boosts Fixing
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The Chinese Yuan surged to a 10-month high, reaching 6.8750 per dollar, its strongest since mid-May 2025.
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China's central bank delivered a stronger-than-expected reference rate, signaling comfort with appreciation before the National People’s Congress.
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The People’s Bank of China (PBOC) removed a surcharge on bets against the currency, indicating official comfort with measured appreciation.
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PBOC cut the foreign exchange risk reserve ratio on forward currency sales from 20% to zero, effective Monday, to temper the yuan's rapid rise.
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Analysts believe this counter-cyclical measure will reduce hedging costs for companies and stabilize forex market sentiment.
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