PBOC sets USD/ CNY reference rate for today at 6.9160 (vs. estimate at 6.9686)

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

I posted this yesterday as some background to today's mid-rate setting:

• Ahead of the yuan rate setting from the PBoC, a reminder of the move to limit its downside

and this:

• The estimate for the PBOC USD/CNY mid rate setting today is 6.9686

• 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 6.9545

• The reference rate is a good way from that estimate (furthest ever it appears), the PBOC trying to slow the devaluation of the yuan. This is eleven consecutive days now the Bank has held the CNY stronger than the estimate.

more to come

• The PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.0%)
  
  2bn yuan mature today
  thus a net neutral in OMOs today

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