PBOC sets USD/ CNY reference rate for today at 6.3682 (vs. Friday at 6.3858)

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 

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