PBOC sets USD/CNY reference rate at 6.3653

Anil Panchal FXStreet

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.”

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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