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PBoC Fixes USDCNY Reference Rate At 7.1451 (prev fix 7.1456 prev close 7.1882)
PBoC Fixes USDCNY Reference Rate At 7.1451 (prev fix 7.1456 prev close 7.1882)
— LiveSquawk (@LiveSquawk) July 24, 2023
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PBOC MAINTAINS YUAN SUPPORT WITH A FIX THAT IS 298 PIPS STRONGER THAN THE PREVIOUS.
— Breaking Market News (@financialjuice) July 24, 2023
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PBOC sets USD/ CNY reference rate for today at 7.1451 (vs. estimate at 7.1795)
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 7.1882 PBOC injects 14bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9% • 33bn yuan of RRs mature today • Thus a net 19bn yuan drain on the day in OMOs