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PBOC sets USD/ CNY reference rate for today at 7.1265 (vs. estimate at 7.2558)
Sentiment Analysis:
Published: 01 Jul 2024 08:15
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 7.2672
PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
- 50bn mature today
- thus a 48bn drain in Open Market Operations (OMOs)
![People's Bank of China](https://s3.tradingview.com/news/image/forexlive:fd2f8aa67094b-ff1cfd18d810d877595021a7ef4e540c-resized.jpeg)