PBOC sets USD/ CNY reference rate for today at 7.1882 (vs. estimate at 7.2769)

December 16, 2024 at 01:15AM
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 7.273

PBOC injects 753bn yuan via 7-day RR, sets rate at 1.5%

47bn yuan mature today, as do 1.45tln in 1 year MLF

Meanwhile, China’s long-term yields hit record lows on expectations of further People’s Bank of China easing ahead.

30-year treasury yield hit a record low of
1.99%

10-year government bond yield fell
to 1.75%

A People’s Bank of China official said on Saturday that
China has room to further cut the reserve requirement ratio

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