PBOC sets USD/CNY reference rate at 6.9654 vs. 6.9481 previous

Anil Panchal FXStreet

People’s Bank of China (PBOC) set the USD/CNY central rate at 6.9654 on Monday, versus previous fix of 6.9481 and market expectations of 6.9658. It's worth noting that the USD/CNY closed near 6.9585 the previous day.

With this, the PBOC announced the lowest USD/CNY rates since March 10.

Apart from the daily fix, the PBOC also unveils the numbers for its Open Market Operations (OMO), which in turn suggests that the Chinese central bank injects 2.0 billion Yuan via 7-day reverses repo at 2.0% rate as wel las 125 billion via one-year Medium-term Lending Facility (MLF) rate of 2.75%.

About PBOC 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's 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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