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PBOC sets USD/ CNY reference rate for today at 7.1270 (vs. estimate at 7.2765)

Started by forex4you, Jun 27, 2024, 10:48 am

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PBOC sets USD/ CNY reference rate for today at 7.1270 (vs. estimate at 7.2765)

Below is an extract from Eamonn's handy posts regarding the
midpoint setting, and here is some further explanation of what it is and how it
works.

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 7.2667



                This article was written by Arno V Venter at www.forexlive.com.

Source: PBOC sets USD/ CNY reference rate for today at 7.1270 (vs. estimate at 7.2765)

forexlive.com
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