PBOC sets USD/ CNY reference rate for today at 6.3222 (vs. estimate at 6.3196)

• 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 6.3170

6.3222 is the highest mid-rate for CNY against the dollar since April of 2018.

Last week the People's Bank of China injected a net 790bn yuan in total in open market operations.

Off on a similar path today it looks like:

The PBOC inject 300 yuan via 7 day reverse repos (rate remains at 2.1%)

• 10bn yuan mature today

• thus a net 290bn injection

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