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PBoC Fixes USDCNY Reference Rate At 7.1406 (prev fix 7.1451 prev close 7.1860)
PBoC Fixes USDCNY Reference Rate At 7.1406 (prev fix 7.1451 prev close 7.1860)
— LiveSquawk (@LiveSquawk) July 25, 2023
Added at 9:18pm
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PBOC sets USD/ CNY central rate at 7.1406 (vs. estimate at 7.2044)
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 7.1860. PBOC injects 44bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9%. • 15bn yuan of RRs mature today • Thus a net 29bn yuan injection on the day in OMOs.