PBOC fixes USD/CNY reference rate at 6.3506 vs. 6.3306 previous

Anil Panchal FXStreet

Early Monday in Asia, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3506 versus the previous release of 6.3306, also crossing the market expectations of 6.3389.

"China central bank injects 10 billion yuan via 7-day reverse repos at 2.10% vs prior 2.10%," said Reuters while providing additional details of the PBOC actions.

Also read: China Securities Journal hints at PBOC rate cut

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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