PBOC sets USD/ CNY mid-point today at 6.7898 (vs. estimate at 6.7955)

• 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.
• The previous close was 6.7872

Yesterday's reference rate was 6.7292. The People's Bank of China has taken the axe to the CNY mid-rate today, lower (for CNY) by 600+ points.

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

• 0bn yuan mature today
• thus a net 10bn injection

This is the offshore yuan, CNH. Huge weakening.

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