PBOC sets USD/ CNY central rate at 6.3572 (vs. yesterday at 6.3682)

  
  Analysis

The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

    • USD/CNY is 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.

 

  • The previous close was 6.3710
  • Reuters estimate from their survey was 6.3556, Bloomberg 6.3556 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC).

PBOC setting the mid-rate slightly weaker than expected (for the CNY) today but nevertheless at the highest (for the CNY) since May 15 of 2018.

 

PBOC injects 10 billion yuan liquidity via 7-day reverse repo

  • 10bn mature today
  • thus a net neutral day
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