The Chinese yuan wiped out its early Asian session's losses against the U.S. dollar shortly thereafter.
The yuan that fell to more than a 3-week low of 6.1507 against the greenback earlier has recovered with pair trading at 6.1406. The Chinese markets were closed for Dragon Boat holiday.
The People's Bank of China set today's central parity rate for the yuan at 6.1612 per dollar, compared to Friday's reference rate of 6.1620. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1% from the level.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.