PBOC sets USD/CNY midpoint at 7.1565 versus last close at 7.1942

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 7.1942.

Injects CNY 6 billion via seven-day reverse repose with the rate at 1.90% for a CNY 2 billion net drain.

The midpoint rate is at the strongest level since August 1

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