PBOC set USD/CNY central rate 7.1380 versus expected 7.1656

<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.</p><ul><li>USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.</li><li>CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.</li><li>A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.</li></ul><p>The previous close was 7.1418</p><p>PBOC injects CNY 3 billion via seven-day reverse repo at 1.90% versus 1.90% previously. Net daily drain of CNY 28 billion</p>

This article was written by Greg Michalowski at www.forexlive.com.