PBOC sets yuan midpoint at 6.236 vs USD

The People's Bank of China set a stronger daily midpoint for the yuan on Tuesday, at 6.236 against the U.S. dollar, from Monday's 6.2415. The yuan is now approaching its record high of 6.2342, set on April the 17th.

The central parity rate is based on a weighted average of prices before the market opens. The greenback in the meantime is still under pressure from weak U.S. housing data. New numbers released by the Federal Reserve Bank of Chicago show that the U.S. economic outlook was negative in March.

Expectations of continuing monetary easing policy around the world is taking a toll on the U.S. dollar BUT U.S. Q1 GDP numbers are due out Friday, and they could be a catalyst for a stronger dollar.