PBOC set USD/CNY central rate 7.1380 versus expected 7.1656

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 7.1418

PBOC injects CNY 3 billion via seven-day reverse repo at 1.90% versus 1.90% previously. Net daily drain of CNY 28 billion

This article was written by Greg Michalowski at www.forexlive.com. Source