USD/CNH, the offshore Yuan, retraces its recent losses from the previous two days, trading around 7.3490 during the early European hours on Wednesday.
The USD/CNH pair strengthens as the US Dollar gains support from the Federal Reserve's hawkish policy shift. The latest ISM services report indicated higher activity and rising prices, fueling concerns about persistent inflation in the United States. PBoC official Peng Lifeng announced that the central bank will support banks in expanding loans under the trade-in initiative. The People’s Bank of China set the USD/CNY central rate for the trading session ahead at 7.
It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve , the European Central Bank or the Bank of England , the mandate is to keep inflation close to 2%.
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