PBOC sets USD/ CNY reference rate for today at 6.4497 (vs. estimate at 6.4507)

Author: Eamonn Sheridan | Category: Central Banks

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 6.4440 
  • Reuters estimate was 6.4507. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.  

Strongest for the CNY since June 18

PBOC injects 10bn yuan via 7-day reverse repos

  • 10bn RRs mature today

  • thus net neutral on the day 


Note, I'm expecting the latest from the People's Bank of China on its 1 year Medium-Term Lending Facility (MLF) Rate sometime this week, between today and Thursday.


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