PBOC set the reference rate 400+ lower than expect – yuan traders not fooled a second day

<p>I posted<a href="https://www.forexlive.com/centralbank/pboc-is-expected-to-set-the-usdcny-reference-rate-at-71965-reuters-estimate-20230721/" target="_blank" rel="follow"> here earlie</a>r a bit of a recap of the People's Bank of China smashing the USD/CNH longs yesterday.</p><p>The Bank set today's rate well below the expected yet again today:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71456-vs-estimate-at-71965-20230721/" target="_blank" rel="follow" data-article-link="true">PBOC sets USD/ CNY reference rate for today at 7.1456 (vs. estimate at 7.1965)</a></li></ul><p>Yuan traders were more wary today though, USD/CNH is not a lot changed since:</p>

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