Recycling the news to manipulate markets.
China sets Yuan midpoint at new 11.5-year low after new round of tariffs
China's central bank set its official yuan midpoint at a fresh 11-and-a-half year low on Monday (Sep 2) after Beijing and Washington kicked off new tariffs on each other's goods. However, the guidance rate was stronger than markets had expected for the fifth straight session. The People's Bank of China (PBOC) set the midpoint rate at 7.0883 per dollar prior to the market open, only 4 pips – points in percentage – weaker than the previous fix of 7.0879 and the weakest since Mar 13, 2008. Monday's official guidance rate came in 174 pips or 0.25 per cent stronger than Reuters' estimate of 7.1057 per dollar. The PBOC ... (full story)