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 6.8710
PBOC injects 189 bn yuan in open market operations (OMOs) via 7 day reverse repos (RRs) at an unchanged rate of 2%
- 7bn yuan of RRs mature today
- thus a net injection of 182bn yuan
For the week, net injection of a hefty 811 bn yuan. It appears to me this is the new administration (eg. new Premier Li Qiang) looking to boost the economy.
--
China March PMIs are due for release at the bottom of the hour:
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
---
eur
