Yuan Inches Up as PBOC Cuts Key Liquidity Rate

Yuan Inches Up as PBOC Cuts Key Liquidity Rate

18 Nov 2019 02:09 PM
 
The Chinese yuan inched up on Monday in Asia after the country's central bank cuts a key liquidity rate for the first time since 2015. The USD/CNY pair inched up 0.1% to 7.0112. The People’s Bank of China slashed the interest rate on its seven-day reverse repurchase agreements for the first time since October 2015, as the nation aimed at boosting business confidence following a set of poor economic data released last week. The U.S. Dollar Index traded 0.1% lower to 97.810. The Federal Reserve will publish the minutes of it’s October meeting on Wednesday and several Fed policymakers are scheduled to speak before the upcoming Thanksgiving holiday.