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People’s Bank of China sets yuan reference rate at 7.1342 (vs. estimate at 7.2711)

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 7.2726

The reference rate at 7.1342 is the weakest (for CNY) since November 21 last year.

In open market operations:

PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%2bn mature todaythus net neutral

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

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