PBOC sets USD/ CNY mid-point today at 6.4602 (vs. yesterday at 6.4942)

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. 

  • The previous close was 6.4566

Strongest setting for CNY since the end of June. The mid-rate 340 points lower for USD/CNY (higher for CNY). A huge jump, the largest since November of last year.   

PBOC injects 30bn yuan via 7-day reverse repos

  • 10bn RRs mature today

  • thus a net 20bn injection in open market operations on the day

  • net 40bn yuan injection this week via OMOs

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