The USD to CNY exchange rate is currently at 7.18994, while the People’s Bank of China (PBOC) has set the reference rate at 7.1451, slightly lower than the previous rate of 7.1456.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1451 on Monday, versus the previous fix of 7.1456 and market expectations of 7.1795. It’s worth noting that the USD/CNY closed near 7.1882 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 14 billion Yuan via 7-day reverse repos (RRs) at 1.90% vs prior 1.90%.
With the 33 billion worth of RRs expiring on Monday, the PBoC’s OMO appears net short for 19 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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