People’s Bank of China sets yuan reference rate at 6.6642 (vs. yesterday at 6.6770)

Author: Eamonn Sheridan | Category: News

PBOC in TGIF mode. Stronger CNY against the USD again  -strongest since 22 September last year

In open market operations, the People's Bank of China:
  • to inject 70 bn yuan via 7 day reverse repos
  • to inject 60 bn yuan via 14 day reverse repos
RRs maturing today match the injection, so net zero injection (and drain!) from the Bank    

For the week, net 30bn yuan drain (net 40 bn yuan drain the previous week)
Earlier from China:
And, from Shanghai Securities News, comments from a former SAFE (State Administration of Foreign Exchange) official
  • Should move ahead with reform of the yuan exchange rate at a stable pace
  • Change to the current band will raise challenges
  • Should move toward a free float, but allow time for this
  • The increase in forex reserves in H1 were due to controls on overseas direct investments & further opening to foreign direct investment
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