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 7.2480
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Today’s reference rate at 7.2258 is another tweaking of the yuan, the rate is the weakest (for CNY) since November 10 last year.
PBOC injects 103bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9%
- 0bn yuan of RRs mature today
- thus a net 103bn yuan injection on the day in OMOs
eur
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Still to come, PMIs for June:
This article was written by Eamonn Sheridan at www.forexlive.com. Source