PBOC sets USD/ CNY reference rate for today at 7.1084 (vs. estimate at 7.1684)

<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 7.1690</p><p>PBOC injects 89bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul><li>50bn yuan of RRs mature today</li><li>thus a net 39bn yuan injection on the day in OMOs</li></ul><p>***</p><p>Still to come, in about 5 minutes</p><ul><li><a href="https://www.forexlive.com/centralbank/peoples-bank-of-china-interest-rate-cut-expected-today-20240114/" target="_blank" rel="follow" data-article-link="true">People's Bank of China interest rate cut expected today</a></li></ul>

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