PBOC sets USD/ CNY reference rate for today at 6.4762 (vs. yesterday at 6.4613)

Author: Eamonn Sheridan | Category: Central Banks

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 6.4788
  • Reuters surveyed estimate was 6.4708 (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC). 
PBOC injects 10bn yuan via 7-day reverse repos
  • 30bn RRs mature today
  • thus a net 20bn yuan drain in open market operations
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