PBOC sets USD/ CNY central rate at 6.4805 (vs. yesterday at 6.4969)

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 6.4816

• Reuters estimate was 6.4827. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. Today's mid-rate is notably weaker for CNY than this expectation.

I posted earlier on comments from PBOC Governor Yi Gang:

• ICYMI - PBOC Gov Yi Gang said will boost support in the months ahead

PBOC injects 10bn yuan via 7-day reverse repos

• 10bn RRs mature today

• thus net neutral in open market operations on the day