PBOC sets USD/ CNY reference rate for today at 7.1698 (vs. estimate at 7.2295)

As a reminder, China is heading into a long holiday from Tuesday:China's Lunar New Year, marking the start of the Year of the Snake, falls on Wednesday, January 29. The official public holiday spans 8 days, from January 28 (New Year's Eve) to February 4. Many businesses and government offices close, allowing people to travel home for family reunions. Celebrations traditionally continue for 16 days, culminating with the Lantern Festival on February 12. With this long holiday comes a large demand for cash. The People's Bank of China is in preparation mode, injecting funds last week for today for 14 days rather than the usual 7 days. This article was written by Eamonn Sheridan at www.forexlive.com.

PBOC sets USD/ CNY reference rate for today at 7.1698 (vs. estimate at 7.2295)

As a reminder, China is heading into a long holiday from Tuesday:

  • China's Lunar New Year, marking the start of the Year of the Snake, falls on Wednesday, January 29.
  • The official public holiday spans 8 days, from January 28 (New Year's Eve) to February 4.
  • Many businesses and government offices close, allowing people to travel home for family reunions.
  • Celebrations traditionally continue for 16 days, culminating with the Lantern Festival on February 12.
  • With this long holiday comes a large demand for cash. The People's Bank of China is in preparation mode, injecting funds last week for today for 14 days rather than the usual 7 days.
This article was written by Eamonn Sheridan at www.forexlive.com.