PBOC sets USD/ CNY mid-point today at 7.1399 (vs. estimate at 7.1461)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 7.1400
In open market operations:
- PBOC injects 578n via 7-day RR, sets rate at 1.7%
- 7bn yuan mature today
- net 571bn yuan injection today
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: PBOC sets USD/ CNY mid-point today at 7.1399 (vs. estimate at 7.1461) (https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-71399-vs-estimate-at-71461-20240815/)
forexlive.com