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PBOC sets USD/ CNY reference rate for today at 6.3509 (vs. estimate at 6.3473)

PBOC sets USD/ CNY reference rate for today at 6.3509 (vs. estimate at 6.3473)

Central Banks
By Eamonn Sheridan
01/04/2022 | 01:15 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

The previous close for USD/CNY was 6.3393

The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)

  • 100bn yuan mature today

  • thus a net 90bn yuan drain

All this week the PBOC have been injecting large sums. The new month has brought a net drain for today though. Over the week the net injection is 420bn yuan. Quarter end now though, so the big injections are over.

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