PBOC sets USD/ CNY reference rate for today at 6.9572 (vs. estimate at 6.9586)
<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.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.The previous close was 6.9630</p><p>---</p><p>The USD continued to gain after the inflation data on Friday. The People's Bank of China getting on board by weakening the onshore yuan. Big time. 600+ points lower from Friday's mid rate. This is the biggest one-day weakness in the onshore yuan setting since July last year. </p><p>PBoC injects 336bn yuan of 7-day reverse repos at an unchanged rate of 2.0%270bn yuan of RRs mature todaythus a net injection of 66bn yuan on the day in open market operations</p><p>-</p><p>eur</p> This article was written by Eamonn Sheridan at www.forexlive.com.
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Analytic Dave
AnalyticalDave is a personal financial analysis portfolio that captures my Derivatives trading, stock, and investing journey. My portfolio does NOT act as a financial advisor to any community. It is only purposed for journaling my story as a self-taught trader and investor.
