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PBoC keeps the yuan broadly stable after Xi US visit

The trade truce was extended only to January, while USD/CNY rebounded after a brief dip below 6.70 on higher US Treasury yields.

Reported · Written up by our desk · Central Banks

Societe Generale, via FXStreet, said President Xi’s US visit had a limited near term impact for currency markets, with no new tariff cuts or an AI dialogue mechanism agreed and the trade truce extended only to January.

FXStreet reported USD/CNY rebounded after briefly dipping below 6.70, supported by higher US Treasury yields and a modest easing of PBoC control, even as the central bank reiterated a moderately loose stance and a commitment to yuan stability.

According to the same coverage, the PBoC reiterated its commitment to a moderately loose monetary stance, pledged to keep the yuan broadly stable, and signaled it is willing to adjust policy tools as required, while Chinese banks left the 1-year and 5-year loan prime rates unchanged at 3.0% and 3.50% respectively.

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