PBOC sets USD/ CNY reference rate for today at 7.0899 (vs. estimate at 7.0896)

People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

A massive revaluation of the CNY from the PBOC. A more than 1000 point change from Friday. This is the largest adjustment in one day since July of 2005.

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 7.0935

PBoC injects 5bn yuan of 7-day reverse repos at an unchanged rate of 2.0%

2bn yuan of RRs mature today

thus a net 3bn yuan injection on the day

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