PBOC sets USD/ CNY reference rate for today at 7.1091

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 7.2435

I didn’t see an expected for this today, only a range of modelled estimates 7.2211 – 7.2407.

more to come

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