Mainland China markets are closed today.

PBoC sets USD/CNY mid-point at 7.1036

  • expected 7.1996 (Reuters model estimatee)

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 CNY 44bln via 7-day reverse repos, rate unchanged at 1.80%

  • and inject CNY 92bln via 14-day reverse repos, rate unchanged at 1.95%

83 bln yuan of RRs mature today

  • Net CNY 53bln injection
PBOC building