PBOC sets USD/ CNY mid-point today at 6.4492 (vs. estimate at 6.4470)

People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is 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.


• The previous close was 6.4382

• Reuters estimate was 6.4470. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

The reference rates set each day by the PBOC are hovering around (CNY) highs since the middle of June.

PBOC injects 10bn yuan via 7-day reverse repos

The Bank has also injected 600bn yuan via an MLF today, rolling over maturing 600bn yuan

• The PBOC has issued a 1-year MLF at 2.95% (same rate as the previous)