PBOC sets USD/ CNY reference rate for today at 6.9120(vs. yesterday at 6.9098)
As a heads up ICYMI, the US Treasury release their currency manipulator report next week
As I said earlier this week:
- Speculation that the US will officially name China has ebbed and flowed for, oh, about 30 years or so.
It looks like China will not get named again this time:
- US Treasury advise Mnuchin China is not manipulating
- China won't be named currency manipulator - report
Come back in 6 months! (that's when we get the next report and can start guessing on names again)
And, back to today …
That is a weak CNY given the softish tone to the USD.
People's Bank of China has skipped open market operations again today
- No maturing reverse repos
- Thus net neutral from the bank today