China’s yuan hit its strongest level in over 16 months on Wednesday 25th September 2024 after Beijing unveiled a slew of stimulus measures to shore up the slowing economy on Tuesday 24th September 2024.
The Chinese yuan had weakened against the U.S. dollar over the last several weeks, as the dollar strengthened, and as investors fretted about China’s economic growth prospects pre-stimulus measure.
Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy.