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PBOC sets USD/ CNY reference rate for today at 7.0965 (vs. estimate at 7.0964)

Started by forex4you, Jun 01, 2023, 08:58 am

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PBOC sets USD/ CNY reference rate for today at 7.0965 (vs. estimate at 7.0964)

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.

The previous close was 7.1090

PBOC injects 2bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 2%

  • 7bn yuan of RRs mature today
  • thus a net 5bn yuan drain on the day in OMOs

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eur



                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: PBOC sets USD/ CNY reference rate for today at 7.0965 (vs. estimate at 7.0964)

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