PBOC sets USD/ CNY mid-point today at 6.3856 (vs. estimate at 6.3862)

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 6.3862. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.     
  • The previous close was 6.3830
  • Yesterday's mid-rate was 6.3890

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

  • 100bn RRs mature today 

  • thus net 100bn injection in open market operations for the day

On a trade-weighted basket measurement, the onshore yuan has risen to its highest since 2016 today. 

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