Yuan NDFs set to peak

- By FX Markets Staff
- @FXMarkets_
- 08 Dec 2008

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Last Monday (December 1), the People's Bank of China (PBoC) set the yuan parity rate at 6.8505 against the dollar, a further decline from the 6.8349 rate set by the bank the previous Friday (November 28). The re-set was the biggest one-day change since May 8 and the yuan's weakest level since August.

The change is speculated to be an attempt to keep the yuan weak, in an effort to boost exports and support the economy. It also follows the PBoC's shock interest rate cuts on November 26 in response

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