PBOC sets USD/ CNY reference rate for today at 6.7695 (vs. estimate at 6.7717)

[Forex News]

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 6.7630

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The PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.1%)

• 2bn yuan mature today
• thus a net neutral in OMOs today

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

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