PBOC sets USD/ CNY reference rate for today at 7.1151 (vs. estimate at 7.1440)

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 7.1485

The Bank successfully held USD/CNY from gaining much above 7.3+ it was trading at for weeks. And are still sitting on it (ps. the chart not updated for today’s trading so far – the market opens soon):

usdcny 24 November 2023 update chart 2

PBOC injects 664bn via 7-day RR, sets rate at an unchanged 1.8%

  • 352bn yuan of RRs mature today
  • thus a net 312bn yuan injection on the day in Open Market Operations (OMOs)

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