PBOC Sets Yuan Fix at ¥7.0358, Downgrades 2024 Economic Value
- Yuan Fix Adjustment: The People's Bank of China set the yuan's daily fix at ¥7.0358 per dollar, which is 301 pips weaker than market expectations, marking the largest miss since 2018 and indicating the central bank's cautious approach to currency fluctuations.
- Economic Downgrade: The National Bureau of Statistics reported that China's economy in 2024 is valued at ¥134.8 trillion ($19.23 trillion), which is ¥101.8 billion lower than previous estimates, reflecting pressures on economic growth that may influence future policy decisions.
- Market Reaction: Although the yuan's fix was set lower than expected, it remained above the previous day's rate, demonstrating the central bank's efforts to stabilize market confidence while being cautious about foreign capital inflows.
- Analyst Predictions: Analysts from Goldman Sachs and Bank of America anticipate that the yuan will surpass ¥7 per dollar by 2026, reflecting market expectations for a stronger yuan in the future, despite the central bank's current measures to limit rapid appreciation.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK) As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00385 | 0.0169 | 0.0278 | 0.0409 | 0.0518 | 0.0649 | 0.0758 |
| Fibonacci | 0.0169 | 0.026 | 0.0317 | 0.0409 | 0.05 | 0.0557 | 0.0649 |
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