ForexMediumUpdated•Originally published 13 October 2026•Updated 13 October 2026•
1 min read
PBOC Sets Yuan Reference Rate at 6.7298, Strongest Level Since February 2023
Key Facts
1Reuters estimates the PBOC will set the USD/CNY reference rate at 6.6981.
2Goldman Sachs suggests the yuan is undervalued by up to 25% and markets underestimate its potential rise.
The People's Bank of China set the USD/CNY reference rate at 6.7298. This fixing represents the yuan's strongest level since February 2, 2023, and exceeds the previous market estimate of 6.6981.
Goldman Sachs suggests the yuan is undervalued by up to 25% and notes that markets may be underestimating its potential rise. Regarding related financial instruments, Goldman Sachs (GS) closed at $895.32 on October 9, 2026, while peer Morgan Stanley (MS) closed at $190.02 on the same date.