PBOC sets USD/CNY midpoint at 6.5719

Dhwani Mehta FXStreet

On Monday, the People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.5719 vs. Friday’s 6.5786.

The PBOC injected a net CNY40 billion via seven-day reverse repos in open market operations (OMOS).

USD/CNY in lows

USD/CNY trades flat at 6.5608, as of writing. The spot is extending declines from near 6.5630 levels amid risk-on mood induced broad-based US dollar weakness.

"Chinese yuan has resumed its rise against the USD, hitting its highest level to 6.57 since June 2018, with a breakthrough in multilateral trade and renewed weakening of the dollar being the trigger. Experts predict Yuan's appreciation trend against the USD expected to continue in 2021," the Glboal Times tweeted.

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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