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China’s central bank vows to enhance yuan amid looming risks from strong US dollar

Adjustment of daily fixing seen as one way to resist depreciation pressure.



China's central bank (PBOC) has pledged to strengthen the yuan and its cross-border use amid pressure from a strong US dollar. The PBOC plans to enhance the yuan's role in payments, pricing, and investment, develop offshore yuan markets, and leverage currency-swap agreements. This announcement comes as the US dollar remains strong, with the Federal Reserve delaying rate cuts and potential US tariffs looming. The PBOC is using its daily fixing to resist depreciation pressure.

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