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 7.1220
In open market operations (OMOs):
PBOC injects 241bn yuan via 7-day RR, sets rate at 1.5%210bn yuan mature todaynet injection is 31bn yuan
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Earlier:
China vice fin min says further stimulus details after National People’s Congress sessionICYMI, People’s Bank of China open market outright reverse repo operations facilityChina’s industrial profits collapse in September: -27.1% y/y (vs -17.8% y/y prior)
This article was written by Eamonn Sheridan at www.forexlive.com.
