PBOC sets USD/ CNY mid-point today at 7.1077 (vs. estimate at 7.2376)

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 7.2377

PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%

  • 2bn mature today
  • thus neutral in OMOs today

Pan Gongsheng is People’s Bank of China governor.

I wonder if he is waiting on the Reserve Bank of New Zealand like the rest of us? Due at 0200 GMT / 2200 US Eastern time:

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