PBOC sets USD/ CNY reference rate for today at 6.4615 (vs. estimate at 6.4629)

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 6.4610
  • Reuters estimate was 6.4629. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.  
As a reminder, this from the PBOC a day ago:
  • China will not resort to flood-like stimulus, Pan Gongsheng, vice governor at the People's Bank of China (PBOC), told a news conference on Tuesday.
has dimmed prospects for more easing in the near term from the Bank. Reuters here for more. 

PBOC injects 10bn yuan via 7-day reverse repos

  • 10bn RRs mature today
  • thus net neutral on the day

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