PBOC sets USD/ CNY reference rate for today at 7.0998 (vs. estimate at 7.0951)

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 7.1210

PBoC inject CNY 128bn via 7-day reverse repos (rate unchanged at 2.00

• injects CNY 58bn via 14-day reverse repos (rate unchanged at 2.15%)
• 2bn yuan of RRs mature today
• thus a net CNY 184bn injection

For the week the net injection was 868bn yuan. Its the Golden Week holidays next week, and month and quarter end, hence the large provision of funds into the system.

-- gbp GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term