PBOC fixes USD/CNY reference rate at 6.3739 versus 6.3640 prior

Anil Panchal FXStreet

The People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3739 versus the previous release of 6.3640, while crossing the market expectations of 6.3639 during Friday's Asian session.

"China central bank injects 100 billion yuan via 7-day reverse repos at 2.10% vs prior 2.10%," said Reuters. The update also includes, "China central bank says sets 7-day reverse repo rate at 2.10% vs 2.10% previously."

About the fix

China maintains strict control of the yuan’s rate on the mainland.

The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.

Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day closing level and quotations taken from the inter-bank dealer.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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