PBOC sets USD/ CNY reference rate for today at 7.1167 (vs. estimate at 7.1972)

<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 7.1960</p><p>PBOC injects 71bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul><li>65bn yuan of RRs mature today</li><li>thus a net 6bn yuan injection on the day in OMOs</li></ul><p>—</p><p>Coming up on Monday is the PBOC rate setting for Loan Prime Rates (LPRs). I'll have more to come on this separately.</p>

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