• The dollar ebbed on Monday on renewed expectations of a rate cut by the Federal Reserve in March, while the yuan fell to a one-month low after China’s central bank surprised markets by keeping its medium-term policy rate steady.
  • The People’s Bank of China (PBOC) on Monday left the interest rate unchanged when rolling over maturing medium-term policy loans, defying market expectations for a cut to shore up China’s bumpy post-pandemic economic recovery.
  • That sent the onshore yuan sliding to a one-month low of 7.1813 per dollar, while its offshore counterpart was last at 7.1863 per dollar, languishing near Friday’s one-month trough.