PBOC sets USD/ CNY central rate at 6.4749 (vs. estimate at 6.4755)

Author: Eamonn Sheridan | Category: Central Banks

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 6.4634
  • Reuters estimate was 6.4755. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.  

So, no slashing of the CNY from the PBOC today ... do we read this as a sign of a shift down in concern from the authorities?  

PBOC injects 60bn yuan via 7-day reverse repos

  • and 60bn in 14-dayers

  • 10bn mature today

  • thus net 110bn added bn on the day

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