PBOC sets USD/ CNY reference rate for today at 7.1248 (vs. estimate at 7.2698)
globalreutersJune 26, 20241 Mins read 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 7.2629
The USDCNY is approaching the previous max pain level around 7.37 where the PBoC intervened in 2023 so worth keeping that level marked up.
This article was written by Arno V Venter at www.forexlive.com.
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This article was written by Greg Michalowski at www.forexlive.com.
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