PBOC sets USD/ CNY reference rate for today at 6.4412 (vs. estimate at 6.4372)

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. 
  • Reuters estimate was 6.4372. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.     
  • The previous close was 6.4285
  • Yesterday's mid-rate was 6.4612  

Weaker than expected for the CNY from the PBOC mid-rate. Still the strongest for CNY mid rate since the middle of last month.

PBOC injects 10bn yuan via 7-day reverse repos

  • 100bn RRs mature today 

  • thus net 90bn yuan drain on the day - subtracting liquidity after the holiday continues

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