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PBOC clarifies on-shore forex rate


12-29-2016 16:25 BJT

Starting with the Chinese yuan's forex rate. Incorrect information from Bloomberg that said the on-shore yuan forex rate broke 7 against the dollar briefly rattled trading late Wednesday night Beijing time. But the disruption didn't last long. The People's Bank of China said a few minutes after the report came out that the information was wrong and the on-shore yuan was trading at between 6.95 and 6.9666 against the dollar.

Bloomberg admitted reporting the incorrect data. It said its system received the bidding price from sources and automatically updated the information in its terminals. But Bloomberg said the incorrect information was only bidding data, not trading figures and it quickly corrected the error. The PBOC on Thursday set the yuan's midpoint at 6.9497, slightly weaker than on Wednesday.

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