The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
- CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
- A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
Previous close was 7.1986
PBOC injects 3bn via 7-day RR, sets rate at an unchanged 1.8%
- 3bn yuan of RRs mature today
- thus net neutral on the day in OMOs
—
As for the changes to the People’s Bank of China’s monetary policy committee:
Now includes
- China securities
regulator head Wu Qing, - Vice Central Bank
Governor Xuan Changneng
Also has two new
academic members,
- Huang Yiping from
Peking University - and Huang Haizhou
from Tsinghua University
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- Source: https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-70968-vs-estimate-at-71967-20240320/
