FOREX REVIEW: a gradual strengthening
The renminbi strengthened for a seventh week versus the US dollar. USD/CNY ended Friday at 6.7417, down from 6.7476 a week earlier, helped by reduced expectations of a September Fed rate hike and stronger PBOC daily fixings. The PBOC set USD/CNY at 6.7878, its strongest since Feb 2023. July bank lending fell by RMB 340 billion, while the PBOC reiterated moderately loose policy.





