PBOC sets USD/ CNY reference rate for today at 6.4695 (vs. estimate at 6.4696)

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

• USD/CNY is 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.


• The previous close was 6.4669

• Reuters estimate was 6.4696. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

Over the weekend:

• China's PBOC inject funds on Sunday. Brings the total funds added for the week to the highest since mid-January

Today, PBOC

injects 100bn yuan in 14-day reverse repos

• 0 mature today

• thus net 100bn added on the day