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PBOC sets USD/ CNY reference rate for today at 6.3729 (vs. estimate at 6.3711)

PBOC sets USD/ CNY reference rate for today at 6.3729 (vs. estimate at 6.3711)

Central Banks
By Eamonn Sheridan
21/12/2021 | 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 and 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. Quite a weak set for the CNY today (i.e. USD/CNY above the estimate)

  • The previous close was 6.3758

  • Yesterday's reference rate was 6.3933

    PBOC inject 10bn yuan via 7-day reverse repos and 10 bn via 14 day RRs

    • 10bn yuan mature today

    • thus a net 10 bn yuan injection via open market operations (OMOs)

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