PBOC sets USD/CNY reference rate at 6.3653
|The People’s Bank of China (PBOC) set the USD/CNY reference rate at 6.3653 on Monday while comparing to the previous fix and the previous close at 6.3742 and 6.3777 respectively.
Following the release of daily fix, Reuters conveyed the PBOC statement saying, "China central bank injects 10 billion yuan via 7-day reverse repos at 2.20% vs prior 2.20%."
It's worth noting that the PBOC withdrew the most fund from the market since November in the last week. “China’s central bank injected minimal cash via short-term loans into the banking system on Friday, effectively withdrawing most of the liquidity support lent towards end-2021,” said Reuters. The news adds, “The PBOC drained 660 billion yuan on a net basis – the biggest weekly cash withdrawal since early November.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.