PBOC sets USD/ CNY mid-point today at 7.1865 (vs. estimate at 7.2384)

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 7.2480

The PBOC injects CNY 33.3B via 7-day reverse repos with the rate at 1.5% for a net drain of CNY 216B

This article was written by Greg Michalowski at www.forexlive.com.