The exchange rate of USD to CNY is currently at 7.14268, while the People’s Bank of China (PBOC) has established the reference rate at 7.1318, compared to the previous rate of 7.1527.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1886 on Friday, versus previous fix of 7.1527 and market expectations of 7.1453. It’s worth noting that the USD/CNY closed near 7.1485 the previous 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 20 billion Yuan via 7-day reverse repos (RRs) at 1.90% vs prior 1.90%.
With the 2 billion worth of RRs expiring on Friday, the PBoC’s OMO appears net long for 18 billion for the day.
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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