PBOC sets USD/ CNY central rate at 6.3890 (vs. estimate at 6.3875)

Author: Eamonn Sheridan | Category: Central Banks

The 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. 
  • Reuters estimate for the reference rate was 6.3875. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.     
  • The previous close was 6.3856
  • Yesterday's mid-rate was 6.3924

PBOC injects 200bn yuan via 7-day reverse repos ... hefty addition of funds, 200bn injection for the second day running. 

  • 10bn RRs mature today 

  • thus net 190bn injection in open market operations for the day




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