PBOC sets USD/ CNY central rate at 6.4705 (vs. yesterday at 6.4640)

  
  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 6.4615
  • Reuters estimate was 6.4678 (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC).

PBOC injects 10bn yuan via 7-day reverse repos

  • 10bn RRs mature today
  • thus a net natural day for open market operations
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