PBOC sets USD/ CNY reference rate for today at 6.3980 (vs. estimate at 6.3924)

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. 
  • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.     
  • The previous close was 6.3921
  • Yesterday's reference rate was 6.3903  

Once again the PBOC set the onshore yuan mid-rate significantly weaker than was expected. 

PBOC injects 100bn yuan via 7-day reverse repos

  • 50bn yuan mature today

  • thus a net injection of 50bn yuan in open market operations (OMO) today

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