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PBOC sets USD/ CNY reference rate for today at 6.3425 (vs. estimate at 6.3359)

PBOC sets USD/ CNY reference rate for today at 6.3425 (vs. estimate at 6.3359)

Central Banks
By Eamonn Sheridan
18/03/2022 | 01:14 GMT
  • The 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.
  • Reuters survey had the expected at 6.3339, Bloomberg survey was 6.3397.
  • The previous close was 6.3475
  • The previous mid-rate (yesterday) was 6.3406

The PBOC inject 30 yuan via 7 day reverse repos

  • 10bn yuan mature today
  • thus a net 20bn yuan injection on the day

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