The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is 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.
- The previous close was 6.3674
- Reuters estimate from their survey was 6.3690, Bloomberg 6.3656 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC).
The 6.3682 mid-rate is the strongest for CNY since the middle of May 2017. The yuan’s trade-weighted basket index is at 98.22, its highest since March of 2016 report Reuters calculation.
injects 10 billion yuan liquidity via 7-day reverse repo
10bn mature today
thus a net neutral day