PBOC sets USD/ CNY reference rate for today at 7.1698 (vs. estimate at 7.2295)

As a reminder, China is heading into a long holiday from Tuesday:

• China’s Lunar New Year, marking the start of the Year of the Snake, falls on Wednesday, January 29.
• The official public holiday spans 8 days, from January 28 (New Year’s Eve) to February 4.
• Many businesses and government offices close, allowing people to travel home for family reunions.
• Celebrations traditionally continue for 16 days, culminating with the Lantern Festival on February 12.
• With this long holiday comes a large demand for cash.

  The People’s Bank of China is in preparation mode, injecting funds last week for today for 14 days rather than the usual 7 days.

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