USD/CNY: Yuan resilient, despite Yuan-fix set at 2-week lows

The Chinese currency remained little changed amid a resurgence of greenback demand, in response to repatriation flows.

While the Yuan also stood resilient, despite a weakening of the domestic currency by the Chinese central bank. The PBOC set the USD/CNY reference rate 33 basis points weaker at 6.9495, the weakest level in two weeks.

Meanwhile, the USD/CNY pair wipes-out most gains and trades modestly flat at 6.9550 in the European session, reversing sharply from a spike to 6.9586.