PBOC sets USD/ CNY mid-point today at 7.1077 (vs. estimate at 7.2376)

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 7.2377

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

• 2bn mature today
• thus neutral in OMOs today

Pan Gongsheng is People’s Bank of China governor.

I wonder if he is waiting on the Reserve Bank of New Zealand like the rest of us? Due at 0200 GMT / 2200 US Eastern time:

• New Zealand’s RBNZ Monetary Policy Shadow Board recommends cash rate on hold this week

• Reserve Bank of New Zealand policy meeting preview – (still) hawkish hold expected

• Reserve Bank of New Zealand expected on hold at its May 2024 meeting – preview
• Reserve Bank of New Zealand monetary policy meeting preview – on hold expected

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