PBOC sets USD/ CNY reference rate for today at 7.1318 (vs. estimate at 7.1453)

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

Another strong setting for the onshore yuan from the People’s Bank of China.

PBOC injects 20bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9%

  • 2bn yuan of RRs mature today
  • thus a net 18bn yuan injection on the day in OMOs

PBOC injected 18 bln yuan net for this week.

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