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ForexMedium•13 February 2026•

1 min read

PBOC Sets Yuan Reference Rate Weaker Than Expected at 6.9457

Two central bankers, Christine Lagarde and Thomas Jordan, with EU and Swiss flags, Euro and Swiss Franc symbols, and coins.

The People's Bank of China (PBOC) set the USD/CNY central parity rate at 6.9457 on Tuesday, signaling a weaker stance for the local currency. This official fix represents an increase from the previous session's rate of 6.9438 and came in significantly higher than the Reuters market estimate of 6.9153. By setting the reference rate above expectations, the central bank appears to be permitting further depreciation of the Yuan amid broader US Dollar strength. This move typically exerts downward pressure on the Yuan in both onshore and offshore markets, while also impacting proxy currencies like the Australian Dollar. Market participants are closely monitoring these daily fixes for clues regarding China's exchange rate policy and its tolerance for currency volatility. The PBOC continues to use this daily mechanism to manage the Yuan's trading band against major global currencies.