PBOC sets USD/ CNY mid-point today at 7.1390 (vs. estimate at 7.1398)

October 30, 2024
-FCHFX

October 30, 2024 at 01:17AM
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 7.1280

In open market operations (OMOs):

PBOC injects 431bn yuan via 7-day RR, sets rate at 1.5%

793bn yuan mature today

net drain is 362bn yuan

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This article was written by Eamonn Sheridan at www.forexlive.com.

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