PBOC sets USD/CNY midpoint at 6.9101 today (vs. 6.9153 estimate)

The People’s Bank of China has set the benchmark rate for the onshore yuan (CNY) for the upcoming trading session.

  • USD/CNY is the onshore yuan. It is allowed to trade plus or minus 2% of this daily reference rate.
  • CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
  • A rate that is significantly higher or lower than expected is generally considered a signal of PBOC.

Previous close was 6.9630

PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.0%)

  • 2 billion yuan is due today
  • so a net neutral in OMOs today


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