PBOC sets USD / CNY midpoint today at 6.3677 (vs. 6.3611 estimate)
USD / CNY is the onshore yuan. It is allowed to trade plus or minus 2% of this daily benchmark rate.
- CNH is the offshore yuan. USD / CNH has no restrictions on its trading range.
A significantly higher or lower rate than expected is generally considered a signal from PBOC.
Previous close was 6.3602
Yesterday’s average rate was 6.3542
PBOC injects 10 billion yuan via 7-day reverse repurchase agreements
- no mature RR today so a net injection of 10 billion yuan