China’s central bank has strengthened the yuan’s daily fixing rate to break through the psychologically important level of 7 per US dollar for the first time since May 2023, as the American currency weakens amid concerns over recent US attempts to gain control of Greenland.
The People’s Bank of China set the yuan’s midpoint rate – also known as the daily fixing rate – at 6.9929 to the US dollar on Friday, after weeks of keeping the benchmark just on the weaker side of the 7 mark.
The move came...
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