PBOC sets USD/ CNY central rate at 7.1117 (vs. estimate at 7.2033)

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.The previous close was 7.1910PBOC injects 495bn via 7-day RR, sets rate at an unchanged 1.8%760bn yuan of RRs mature todaythus a net 295bn yuan drain on the day in OMOs This article was written by Eamonn Sheridan at www.forexlive.com.

Jan 23, 2024 - 08:15
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PBOC sets USD/ CNY central rate at 7.1117 (vs. estimate at 7.2033)

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

  • USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
  • CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
  • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

The previous close was 7.1910

PBOC injects 495bn via 7-day RR, sets rate at an unchanged 1.8%

  • 760bn yuan of RRs mature today
  • thus a net 295bn yuan drain on the day in OMOs
This article was written by Eamonn Sheridan at www.forexlive.com.
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