PBOC sets USD/ CNY reference rate for today at 7.1029

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 7.1620

ps. The 10-year government bond yield has dropped to 2.525%, the lowest since April of 2020

Earlier:

• PBOC is expected to set the USD/CNY reference rate at 7.1593 – Reuters estimate

more to come

PBOC injects 75bn via 7-day RR, sets rate at an unchanged 1.8%

• 486bn yuan of RRs mature today
• thus a net 411bn yuan drain on the day in OMOs