Forex
globalreutersJuly 5, 20241 Mins read
PBOC sets USD/ CNY reference rate for today at 7.1289 (vs. estimate at 7.2704)
globalreutersJuly 5, 20241 Mins read 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 7.2697
In open market operations:
- PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
- 50bn mature today
- thus a 48bn drain
This article was written by Eamonn Sheridan at www.forexlive.com.
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