PBOC sets USD/ CNY reference rate for today at 7.1004 (vs. estimate at 7.2147 )

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.Previous close was 7.1994PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%13bn yuan of RRs mature todaythus net 11bn yuan drain on the day in OMOs This article was written by Eamonn Sheridan at www.forexlive.com.

Mar 22, 2024 - 07:50
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PBOC sets USD/ CNY reference rate for today at 7.1004 (vs. estimate at 7.2147 )

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.

Previous close was 7.1994

PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%

  • 13bn yuan of RRs mature today
  • thus net 11bn yuan drain on the day in OMOs
This article was written by Eamonn Sheridan at www.forexlive.com.
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