PBOC sets USD/ CNY mid-point today at 6.6177 (vs. estimate at 6.6127)

• USD/CNY is the onshore yuan. Its 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.
• A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. CNY has been set is significantly weaker than the estimate today. The estimate (via Reuters survey) was 6.3389
• The previous close was 6.6255

Weakest for the CNY at the setting since November 13 2020.

The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)

• 10bn yuan mature today
• thus a net neutral on the day

Earlier:

• China financial media says the PBOC may cut the RRR twice more this year

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term