PBOC sets USD/ CNY reference rate for today at 7.1786 (vs. estimate at 7.1813)

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.

Previous reference rate was 7.1860

PBOC pushing back a little against yuan weakness. Stiull, weakest mid-rate for CNY in a week.

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PBOC injects 134bn yuan via 7-day RR, sets rate at 1.5%

• 17bn yuan mature today
• net injection is 116bn yuan (small rounding accounts for the difference from 117 here)

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Pan Gongsheng is People’s Bank of China governor

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