USD/CNY traded around 6.7234, while the central bank's central parity rate against the dollar moved in the direction of dollar weakness. However, the dollar did not weaken as much as the market had expected.
USD/CNY moved from around the previous day's close of 6.7300 toward a weaker dollar and stronger yuan, while the People's Bank of China's central parity rate against the dollar reached a level indicating dollar weakness and yuan strength for the first time in about four years. However, market expectations had not priced in greater dollar weakness, limiting the impact on the exchange rate.
Against the yen, the yuan reached 23.277 in overseas trading amid the yen's strength, then recovered to around ¥23.57 as USD/JPY rebounded from its low and the yuan strengthened. USDCNY stands at 6.7232 and CNYJPY at 23.570.