PBOC sets USD/ CNY central rate at 6.9468 (vs. estimate at 6.9483)

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 7.0048

Today's set is the weakest for the CNY since August 12 of 2020

In open market operations:

PBoC sells 2bn yuan of 7-day reverse repos at an unchanged rate of 2.0%

• & sells 24bn yuan of 14 data RRs at an unchanged 2.15% (the point of the 14 dayers is to carry over through month-end)
• 2bn yuan of RRs mature today, thus a net 24bn yuan injection

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eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term