PBOC sets USD/ CNY reference rate for today at 7.1159 (vs. estimate at 7.1461)

<p data-v-2b84ef95="">The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.</p><ul data-v-2b84ef95=""><li data-v-2b84ef95="">USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.</li><li data-v-2b84ef95="">CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.</li><li data-v-2b84ef95="">A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.</li></ul><p data-v-2b84ef95="">The previous close was 7.1488</p><p data-v-2b84ef95="">PBOC injects 501bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul data-v-2b84ef95=""><li data-v-2b84ef95="">205bn yuan of RRs mature today</li><li data-v-2b84ef95="">thus a net 296bn yuan injection on the day in Open Market Operations (OMOs)</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.