PBOC sets USD/ CNY mid-point today at 6.4492 (vs. estimate at 6.4470)
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 6.4382
- Reuters estimate was 6.4470. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
The reference rates set each day by the PBOC are hovering around (CNY) highs since the middle of June.
PBOC injects 10bn yuan via 7-day reverse reposThe Bank has also injected 600bn yuan via an MLF today, rolling over maturing 600bn yuan