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Bitcoin jumps as USD falls in Asia, USD/CNY set at 6.7817

China's PBOC set the USD/CNY reference rate at 6.7817 for the session, higher than the 6.7262 estimate, while bitcoin and gold rose as investors hedged amid US fiscal credibility worries.

Reported · Written up by our desk · Major Pairs

Asia trading on Friday showed a broad pullback in risk against the backdrop of a weaker US dollar, with bitcoin surging and gold moving higher, according to Forexlive’s Asia-Pacific market wrap.

Forexlive said the fall in the dollar extended across Asia, alongside renewed hedging tied to concerns over US fiscal credibility.

In China, the People’s Bank of China set the USD/CNY reference rate for the day at 6.7817, versus an estimate of 6.7262, as markets adjusted to the weaker USD.

Forexlive also linked the move to wider macro pricing in the region, noting that currency and commodity markets were active as investors weighed central bank expectations and geopolitical headlines.

Latest closeGold $4,432.00 ▲1.6%|Bitcoin $74,733.01 ▲7.9%

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