China Press: Yuan unlikely to weaken to beyond 7.0000 vs. USD

Reuters carried the latest headlines reported in the Chinese media, citing that the Chinese Yuan is unlikely to weaken to beyond 7.0000 against the US dollar, despite the escalating US-Sino trade tensions.

This comes after the PBOC set its official Yuan midpoint to the lowest level in over a decade on Tuesday. The Yuan reference rate was fixed at 6.9574 per dollar, 197 pips, or 0.28 percent, weaker than the previous fix of 6.9377.