PBOC sets USD/ CNY mid-point today at 7.2258 (vs. estimate at 7.2525)

<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 7.2480</p><p>-</p><p>Today's reference rate at 7.2258 is another tweaking of the yuan, the rate is the weakest (for CNY) since November 10 last year. </p><p>PBOC injects 103bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9%</p><ul><li>0bn yuan of RRs mature today</li><li>thus a net 103bn yuan injection on the day in OMOs</li></ul><p>eur</p><p>—</p><p>Still to come, PMIs for June:</p><ul><li><a href="https://www.forexlive.com/news/economic-calendar-in-asia-30-june-2023-japanese-inflation-data-also-china-pmis-june-20230629/" target="_blank" rel="follow" data-article-link="true">Economic calendar in Asia 30 June 2023: Japanese inflation data &amp; also China PMIs (June)</a></li></ul>

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