PBOC sets USD/ CNY reference rate for today at 7.1934 (vs. estimate at 7.2482)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 7.2455
In open market operations (OMOs):
PBOC injects 470bn yuan via 7-day RR, sets rate at 1.5%
328bn yuan mature today
net injection is 142bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: PBOC sets USD/ CNY reference rate for today at 7.1934 (vs. estimate at 7.2482) (https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71934-vs-estimate-at-72482-20241121/)