PBOC sets USD/ CNY reference rate for today at 6.4660 (vs. Friday's 6.4602)
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.
- The previous close was 6.4620
- Reuters estimate was 6.4663 (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC).
Friday saw the strongest setting for CNY since the end of June. The mid-rate 340 points lower for USD/CNY (higher for CNY). A huge jump, the largest since November of last year.
PBOC injects 10bn yuan via 7-day reverse repos
10bn RRs mature today
thus a net neutral for open market operations on the day