The People’s Bank of China has set the benchmark onshore yuan (CNY) rate for the upcoming trading session.
- USD / CNY is allowed to trade plus or minus 2% of this daily benchmark rate.
- CNH is the offshore yuan. USD / CNH has no restrictions on its trading range.
- Reuters estimate for the benchmark rate was 6.3875. A significantly higher or lower rate than expected is generally considered a signal from PBOC.
- Previous close was 6.3856
- Yesterday’s average rate was 6.3924
The PBOC injects 200 billion yuan via 7-day repurchase agreements… significant addition of funds, 200 billion injections for the second consecutive day.
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