People’s Bank of China sets yuan reference rate at 7.1032 (vs. estimate at 7.1970)
ICYMI:PBOC leaves MLF rate unchanged at 2.5%, as expectedTourism revenues in China during the Lunar New Year holidays +47.3% y/y, above pre-Covid--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.PBOC injects 32bn via 7-day RR, sets rate at an unchanged 1.8%.100bn yuan of RRs mature todaythus a net 68bn yuan drain on the day in OMOs This article was written by Eamonn Sheridan at www.forexlive.com.
ICYMI:
- PBOC leaves MLF rate unchanged at 2.5%, as expected
- Tourism revenues in China during the Lunar New Year holidays +47.3% y/y, above pre-Covid
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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.
PBOC injects 32bn via 7-day RR, sets rate at an unchanged 1.8%.
- 100bn yuan of RRs mature today
- thus a net 68bn yuan drain on the day in OMOs
