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PBOC sets yuan midpoint slightly stronger after RRR cut
[SHANGHAI] The People's Bank of China (PBOC) set its official midpoint rate slightly stronger at 6.5385 per dollar prior to the market open on Tuesday, a day after it resumed its easing cycle in the face of mounting pressure on the economy.
Monday fixing was set at 6.5452.
The central bank's cut to banks' reserve requirement ratio by 50 basis points on Monday will inject an estimated US$100 billion worth of long-term cash into the economy.
Increased money supply will typically put downward pressure on a country's currency, but the PBOC has been taking a slew of measures to cushion the impact of its easing steps on the yuan since early January.