The People’s Bank of China set the reference rate for USDCNY at 7.1201, which is lower than the previous rate of 7.289. The current rate of USDCNY is 7.14010.
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People’s Bank of China (PBOC) set the USD/CNY central rate at 7.1201 on Monday, versus previous fix of 7.289 and market expectations of 7.1186. It’s worth noting that the USD/CNY closed near 7.1263 the previous day.
“PBOC inject 89 billion Yuan via 7-day reverse repo at 1.9% rate,” said Reuters following the PBOC Fix announcements. With this, the Chinese central bank injects nearly 87 billion Yuan via open market.
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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