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USD/CNY Yuan rallies to 3-month highs near 6.5550

The Chinese Yuan accelerated its advance and broke higher from its three-month range against its American counterpart, knocking-off the USD/CNY cross to the lowest levels since Sept 18th at 6.5556. At the time of writing, the cross has recovered sharply to trade at 6.5720 levels, still down -0.11% on the day.

 

Bloomberg reports that the Yuan was boosted after Wednesday’s Chinese annual Central Economic Work Conference, where the statement following the meeting didn’t repeat language on outright deleveraging from the previous two years. 

 

Meanwhile, the subdued trading activity seen around the US dollar against its main peers also helped the cross to extend the downside. Moreover, the PBOC set the Yuan midpoint rate at the strongest levels since September 20th, which also collaborated to the sell-off in USD/CNY. PBOC sets USD/CNY at 6.5795 vs 6.6058

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