PBOC sets USD/ CNY central rate at 7.1968 (vs. estimate at 7.2180)

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 7.2170

more to come

PBOC injects 2bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9%

  • 214bn yuan of RRs mature today
  • thus a net bn yuan 212drain on the day in OMOs


USD/CNH was marked lower after the PBOC sets the CNY stronger than expected again today.

This article was written by Eamonn Sheridan at www.forexlive.com. Source