Central Banks

PBOC sets USD/ CNY reference rate for today at 7.0938 (vs. estimate at 7.2191)

  • PBOC CNY reference rate setting for the trading session ahead.
Eamonn Sheridan
Eamonn Sheridan
Monday, 01/04/2024 | 01:15 GMT-0
01/04/2024 | 01:15 GMT-0

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

  • 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.

PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%

  • 50bn yuan of RRs mature today
  • thus net 48n yuan drain on the day in OMOs

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