PBOC sets USD/ CNY central rate at 7.1039 (vs. estimate at 7.1727)

<p>The 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 7.1789</p><p>PBOC injects 544bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul><li>463bn yuan of RRs mature today</li><li>thus a net 81bn yuan injection on the day in OMOs</li></ul><p>Coming up at the bottom of the hour are the official PMIs from China for January</p><ul><li><a href="https://www.forexlive.com/centralbank/asian-economic-calendar-key-events-and-consensus-expectations-for-31-january-2024-20240130/" target="_blank" rel="follow" data-article-link="true">Asian Economic Calendar: Key Events and Consensus Expectations for 31 January 2024</a></li></ul>

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