PBOC sets USD/ CNY mid-point today at 6.3996 (vs. estimate at 6.3853)

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.
• Previous close was 6.3940

The mid-rate today at 6.3996 is the weakest for the CNY since November 12 of 2021. The mid-rate setting topday is much weaker for the CNY than expected. Meanwhile, moments ago the PBOC left the one- and five-year LPRs unchanged:

• People's Bank of China loan prime rates (LPR) setting for April 2022: rates unchanged

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

• 10bn yuan mature today
• thus net neutral in OMO on the day

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term