PBOC sets USD/ CNY mid-point today at 6.4599 (vs. estimate at 6.4595)
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 6.4600
- Reuters estimate was 6.4595. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
PBOC injects 120bn yuan in 14-day reverse repos
- 50bn mature today
- thus net 70bn added on the day
more to come