Offshore yuan slips as PBOC sets weaker midpoint fixing
The offshore yuan weakened to around 6.72 per dollar on Monday after the PBOC set the midpoint at 6.7841, which came 593 pips weaker than Reuters’ estimate and near the widest deviation in February 2026.
The offshore yuan weakened to around 6.72 per dollar on Monday, snapping a three-session rally and pulling back from a more than three-year high reached in the previous session, as a softer-than-expected official fixing offset pressure from a broadly weaker US dollar.
The People's Bank of China set the midpoint rate at 6.7841 per dollar, retreating from Friday’s strongest fixing in over three years and coming in 593 pips weaker than Reuters’ estimate, nearing the widest deviation recorded in February 2026.
The move reinforced signs that policymakers are seeking to temper the pace of the yuan’s appreciation amid ongoing dollar weakness while preserving stability in the foreign-exchange market.
Investors turned their attention to the National People’s Congress Standing Committee meeting scheduled for August 25—28, looking for fresh policy guidance after a run of disappointing economic data and recent commitments by authorities to bolster growth.