PBOC sets USD/ CNY reference rate for today at 6.7871 (vs. estimate at 6.7852)

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PBOC sets USD/ CNY reference rate for today at 6.7871 (vs. estimate at 6.7852)

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 6.7900Friday's reference rate was set at 6.7898, so the PBOC strengthens the onshore yuan a few points todayThe PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)

Source: PBOC sets USD/ CNY reference rate for today at 6.7871 (vs. estimate at 6.7852)

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