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PBOC sets USD/ CNY reference rate for today at 7.1286 (vs. estimate at 7.2640)

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 2bn via 7-day RR, sets rate at an unchanged 1.8%

As posted earlier

PBOC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 4p.m. and 4:20 p.m.

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

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