pboc

PBOC sets USD/ CNY reference rate for today at 7.1020 (vs. estimate at 7.2281)

• PBOC CNY reference rate setting for the trading session ahead.

PBOC is expected to set the USD/CNY reference rate at 7.2281 – Reuters estimate

• The PBoC is supporting the yuan and will set the rate around 1400 pips lower than this

PBOC sets USD/ CNY central rate at 7.1025 (vs. estimate at 7.2404)

• PBOC CNY reference rate setting for the trading session ahead.

PBOC is expected to set the USD/CNY reference rate at 7.2404 – Reuters estimate

• The rate the Bank sets will be around 1400 pips or so lower

Chinese state banks are in the spot market seen selling dollars for CNY

• Intervention to prop up the yuan

PBOC sets USD/ CNY mid-point today at 7.1028 (vs. estimate at 7.2475)

• In setting the reference rate so far from where the market is trading the PBoC is trying to support the weak yuan

PBOC is expected to set the USD/CNY reference rate at 7.2475 – Reuters estimate

• The PBoC is consistently setting the rate much lower than this to support the yuan

People's Bank of China set MLF rate at 2.5% (prior 2.5%)

• Injects 100bn yuan via a 1 year MLF, net drain of 70bn yuan

PBOC sets USD/ CNY reference rate for today at 7.0979 (vs. estimate at 7.2478)

• PBOC CNY reference rate setting for the trading session ahead.

PBOC is expected to set the USD/CNY reference rate at 7.2478 – Reuters estimate

• PBOC CNY reference rate setting for the trading session ahead.

ICYMI: New bank lending in China rose less than expected in March

• Current pressure on the renminbi makes substantial rate cuts less likely

MLF day in China - No rate cut expected from the People's Bank of China

• Medium-term Lending Facility (MLF) is set in China today, around 0115 GMT (2115 US Eastern time Sunday)

PBOC sets USD/ CNY reference rate for today at 7.0967 (vs. estimate at 7.2365)

• Another huge discrepancy between the modelled estimate and the setting from the Bank

PBOC is expected to set the USD/CNY reference rate at 7.2365 – Reuters estimate

• The rate from the Bank will be A LOT lower than this, it was 1600+ pips lower yesterday!

Refresher on the bind the PBoC is in on the weak yuan -don't want to trigger a crash