PBOC sets USD/ CNY reference rate for today at 7.0638 (vs. yesterday at 7.0566)

Author: Eamonn Sheridan | Category: Central Banks

People's Bank of China mid-rate for on shore yuan for the day

  • the USD/CNY rate is permitted to vary by +/- 2% from this point for the session ahead
  • moves outside that range will be met with PBOC intervention to drive it back inside
  • USD/CNH is free from such restriction 
PBOC skips open market operations
  • 110 billion yuan liquidity is drained from the market due to reverse repo expires
  • for the week as a while a net drain of 490bn yuan

Meanwhile the Bank of Japan increased its purchases of Japanese Government Bonds at today's scheduled QE operation
  • bought 420bn of those with 1-3 years until maturity, from 340bn the previous time 


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