China lifts yuan midpoint, but trade weighted value falls to lowest since 2021
Prior to market opening, the People's Bank of China set the midpoint rate at 7.1534 per dollar, its strongest since November 8, 2024, and 25 pips weaker than a Reuters estimate of 7.1509. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day.
Based on Tuesday's official midpoint setting, the yuan's trade-weighted value against its basket of currencies, as measured by CFETS yuan basket index (.CFSCNYI), opens new tab, fell to 95.15, the lowest level since January 4, 2021.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
32 minutes ago
- Reuters
Exclusive: Google makes new proposal to stave off EU antitrust fine, document shows
BRUSSELS, July 2 (Reuters) - Google (GOOGL.O), opens new tab has proposed fresh changes to its search results in an attempt to fend off growing criticism from rivals, a week before a key meeting that could lead to yet another EU antitrust fine, according to a document seen by Reuters. The U.S. tech giant has been under pressure after being hit in March with European Union antitrust charges of unfairly favouring its own services such as Google Shopping, Google Hotels and Google Flights over competitors. The company, owned by Alphabet, will meet its rivals and the European Commission to discuss its proposals during a July 7-8 workshop in Brussels, the document said. The EU's landmark Digital Markets Act, under which Google has been charged, sets out a list of dos and don'ts for Big Tech aimed at curbing their power and giving rivals more room to compete and consumers more choice. Last week, Google offered to create a box at the top of the search page for a so-called vertical search service (VSS) which would contain links to specialised search engines as well as to hotels, airlines, restaurants and transport services. The latest offer, called Option B, is an alternative to last week's proposal, according to a Google document sent by the Commission to involved parties and seen by Reuters. "Under 'Option B', whenever a VSS box is shown, Google will also show a box that includes free links to suppliers," the document said. The box for suppliers - in essence hotels, restaurants, airlines and travel services - would be below the VSS box, with Google organising the information about the suppliers. Option B "provides suppliers opportunities while not creating a box that can be characterised as a Google VSS", the document said. "We've made hundreds of alterations to our products as part of our DMA compliance," a Google spokesperson said. "While we strive for compliance, we remain genuinely concerned about some of the real world consequences of the DMA, which are leading to worse online products and experiences for Europeans." Google risks a fine as much as 10% of its global annual revenue if found in breach of the DMA.
Reuters
36 minutes ago
- Reuters
Glencore announces $1 billion share buyback
July 2 (Reuters) - Glencore (GLEN.L), opens new tab said on Wednesday it will buy back shares worth $1 billion starting next week following the merger of global agribusiness Bunge Global (BG.N), opens new tab with its grain handler Viterra. The miner, which will hold 16.4% of the enlarged company and $900 million in cash, considers NYSE-listed Bunge shares as surplus capital.
Reuters
an hour ago
- Reuters
Indonesia plans to cut mining quota period back to one year, minister says
JAKARTA, July 2 (Reuters) - Indonesia plans to cut the duration of mining quotas back to one year from the current three years to improve governance in the sector and better control coal and ore supplies, mining minister Bahlil Lahadalia said on Wednesday. Resource-rich Indonesia extended the validity of mining production quotas, locally known as RKAB, to three years in 2023 to ease red tape. Miners in Indonesia are required to seek RKAB approval to determine how much ore they may dig out over a period of time. "Because we allowed three-year RKAB, we could not control the balance between coal production and global demand ... Same thing happened to nickel, as well as bauxite," Bahlil told members of parliament. The switch back to one year was proposed to the minister by lawmakers overseeing the mining sector. The move is expected to help underpin prices of coal and ores and boost government revenues, Bahlil added.
