PBOC sets USD/ CNY reference rate for today at 7.1291 (vs. estimate at 7.2774)

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 7.2683In open market operations:PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%300bn mature todaythus a 298bn drain This article was written by Eamonn Sheridan at www.forexlive.com.

Jul 2, 2024 - 08:00
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PBOC sets USD/ CNY reference rate for today at 7.1291 (vs. estimate at 7.2774)

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 7.2683

In open market operations:

  • PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
  • 300bn mature today
  • thus a 298bn drain
This article was written by Eamonn Sheridan at www.forexlive.com.
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