PBOC sets USD/ CNY reference rate for today at 7.1011 (vs. estimate at 7.1271)

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 7.1271.

PBOC inject 67bn yuan in 7 Day Reverse Repo

  • 501 bn yuan mature today
  • draining net 434bn yuan

more to come

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