The US dollar to Chinese yuan exchange rate is currently at 7.26423, while the People’s Bank of China (PBOC) has established the reference rate at 7.2098, compared to its previous rate of 7.1968.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.2098 on Thursday, versus previous fix of 7.1968 and market expectations of 7.2510. It’s worth noting that the USD/CNY closed near 7.2520 the previous day. With this, the Chinese central bank’s onshore Yuan (CNY) rate consolidates the week-start pullback from the yearly top.
Apart from the USD/CNY fix, the PBoC also unveiled details of its Open Market Operations (OMO) while saying that the Chinese central bank injects 2 billion Yuan via 7-day reverse repos at 1.90% vs prior 1.90%.
It’s worth noting that the 193 billion Yuan of RRs mature today, which in turn highlights a net drain of 191 billion Yuan via the OMOs.
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.
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