The USD to CNY exchange rate stands at 7.25459. The People’s Bank of China (PBOC) has set the reference rate at 7.2157, slightly lower than the previous rate of 7.2258.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.2157 on Monday, versus previous fix of 7.2258 and market expectations of 7.2464. It’s worth noting that the USD/CNY closed near 7.2510 the previous day. With this, the Chinese central bank’s onshore Yuan (CNY) rate retreats from the yearly top marked the previosu day.
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 5 billion Yuan via 7-day reverse repos at 1.90% vs prior 1.90%.
It’s worth noting taht the PBoC’s lower-than-expected USD/CNY fix previously weighed on the US Dollar and allow the CNY to pare recent losses near the yearly high.
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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