Asia Market Movers: USD/CNY drops to 2½-year low as onshore yuan surges

Tuesday, 24 Feb, 2026 Central Banks USD/CNY drops to 2½-year low as onshore yuan surges The onshore yuan hit a 2½-year high as USD/CNY fell below 6.90, with the PBOC signalling greater tolerance for strength. Summary: USD/CNY falls to 6.8954, lowest in 2½ years (since May 2023, so a bit Central Banks China holds loan prime rates steady as growth slows and yuan firms China's central bank kept benchmark rates unchanged for a ninth month, balancing growth support with yuan stability. Summary: PBOC keeps 1-year LPR at 3.0%, 5-year at 3.5% Ninth consecutive month of u Learn more Central Banks PBOC sets USD/ CNY reference rate for today at 6.9414 (vs. estimate at 6.9249) PBOC CNY reference rate setting for the trading session ahead. The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. PBOC injects 526bn yuan via 7-day reverse repos Central Banks People's Bank of China sets 1 and 5 year Loan Prime Rates (LPRs) unchanged The ninth consecutive month without a change. More on the LPRs, and why they don't matter so much any more, here: Economic and event calendar in Asia Tuesday, February 24, 2026 - China and Japan retur Central Banks Bank of Korea meet Feb 26 - preview: To hold rates at 2.50% through 2026 (Reuters poll) The Bank of Korea is set to hold rates at 2.50% this week and through 2026 as FX and housing risks outweigh easing pressures. Summary: All 34 economists see BOK holding at 2.50% on February 26 Rates f Central Banks PBOC is expected to set the USD/CNY reference rate at 6.9249 – Reuters estimate The People's Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Central Banks Bessent led yen rate check amid Japan election volatility – Nikkei U.S. Treasury led January yen rate check to steady markets during Japan's election turmoil, Nikkei reports. Summary: U.S. Treasury Secretary Scott Bessent led January yen "rate check" Action not reque Commodities Goldman Sachs forecasts $5,400 gold on central bank demand and Fed cuts Goldman Sachs targets $5,400 gold by year-end, citing central bank buying and Fed cuts, while warning of higher volatility. Summary: Goldman Sachs forecasts gold at $5,400 by end-2026 Central bank buy Learn more News Trump considers new Section 232 tariffs after Supreme Court ruling After the Supreme Court curtailed key second-term tariffs, the Trump administration is turning to Section 232 to pursue new national security levies. Summary: Administration considering new Section 23

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