PBOC sets USD/ CNY mid-point today at 7.1318 (vs. estimate at 7.2630)The 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 7.2685
In open market operations:
- PBOC injects 270bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- thus net 268 injection via OMOs today.
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: PBOC sets USD/ CNY mid-point today at 7.1318 (vs. estimate at 7.2630) (https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-71318-vs-estimate-at-72630-20240717/)
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