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PBOC sets USD/ CNY mid-point today at 7.1312 (vs. estimate at 7.2633)

Sentiment Analysis:

Published: 03 Jul 2024 08:15

PBOC sets USD/ CNY mid-point today at 7.1312 (vs. estimate at 7.2633)

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 was 7.2712

In open market operations:

  • PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
  • 250bn mature today
  • thus a bn drain
People's Bank of China
Forexlive

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