PBOC sets USD/ CNY reference rate for today at 7.0709 (vs. estimate at 7.0794)
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.more to come---Due later:China reopens today after the long holiday - with a "stimulus" press conference @ 10am This article was written by Eamonn Sheridan at www.forexlive.com.
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.
more to come
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Due later:
This article was written by Eamonn Sheridan at www.forexlive.com.
