PBOC sets the USD/CNY midpoint rate at 6.6236

Dhwani Mehta FXStreet

The People’s Bank of China (PBOC) set the USD/ CNY reference rate at 6.6236 on Wednesday vs. Wednesday’s 6.6070.

Meanwhile, the PBOC injected CNY120 billion through seven-day reverse repos.

USD/CNY holds the bounce

USD/CNY is consolidating Wednesday’s rebound while trading modestly flat at 6.311, as of writing. Broad-based US dollar strength, amid surging US coronavirus cases and expectations of potential restrictions, underpins the spot.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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