PBOC sets USD/ CNY reference rate for today at 7.0969 (vs. estimate at 7.1869)

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 7.1876PBOC injects 10bn via 7-day RR, sets rate at an unchanged 1.8%10bn yuan of RRs mature todaythus no net injection or drain on the day in OMOs--Strongest setting for CNY since January 2 this year. Its not trading as strong on the market of course: This article was written by Eamonn Sheridan at www.forexlive.com.

Mar 11, 2024 - 07:45
0
PBOC sets USD/ CNY reference rate for today at 7.0969 (vs. estimate at 7.1869)

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 7.1876

PBOC injects 10bn via 7-day RR, sets rate at an unchanged 1.8%

  • 10bn yuan of RRs mature today
  • thus no net injection or drain on the day in OMOs

--

Strongest setting for CNY since January 2 this year. Its not trading as strong on the market of course: This article was written by Eamonn Sheridan at www.forexlive.com.

Read More