PBOC sets USD/ CNY reference rate for today at 7.1315 (vs. estimate at 7.2706)

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 7.2620In open market operations:PBOC injects 59bn via 7-day RR, sets rate at an unchanged 1.8%2bn mature todaythus net 57injection via OMOs today.The People's Bank of China injected net 1.17tln yuan this week via OMOs, the biggest weekly cash injection since January. This article was written by Eamonn Sheridan at www.forexlive.com.

Jul 19, 2024 - 07:45
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PBOC sets USD/ CNY reference rate for today at 7.1315 (vs. estimate at 7.2706)

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 7.2620

In open market operations:

  • PBOC injects 59bn via 7-day RR, sets rate at an unchanged 1.8%
  • 2bn mature today
  • thus net 57injection via OMOs today

.

The People's Bank of China injected net 1.17tln yuan this week via OMOs, the biggest weekly cash injection since January. This article was written by Eamonn Sheridan at www.forexlive.com.

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