PBOC sets USD/ CNY reference rate for today at 6.4425 (vs. Friday at 6.4678)

Author: Eamonn Sheridan | Category: Central Banks

The People's Bank of China sets the onshore yuan (CNY) reference rate for the trading session ahead.   

Strongest for the onshore yuan since February 10. 

  • 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.

  • Bloomberg estimate from their survey was 6.4370  ... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC) 

PBOC injects 10 billion yuan liquidity via 7-day reverse repo   

  • 0 billion yuan reverse repo mature today   

  • net injects 10 billion yuan on the day

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