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fxJun 11, 2026, 8:32 PM

Commerzbank: Oil Shock and Reserve Strategy Impact Yuan

USD/CNY is near 6.78, with the PBoC model implying a slightly stronger fixing. China's domestic oil reserve tapping is affecting the Yuan.

USDCNY

USD/CNY is trading near 6.78, according to Commerzbank analysts. The bank's model suggests the People's Bank of China's daily fixing will be slightly stronger compared to the previous session.

The Yuan is being influenced by China's decision to tap its domestic oil reserves rather than bid aggressively in global markets. This strategy reduces demand for foreign exchange in global oil purchases, shaping the currency's near-term dynamics.

Source: FXStreet Forex News