PBOC sets USD/ CNY reference rate for today at 7.1612 (vs. estimate at 7.2320)

<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 7.2135</p><p>7.1612 is the strongest rate mid-rate for the CNY since August 11 and the biggest rise since September 12</p><p>more to come</p><p>PBOC injects 205bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul><li>113bn yuan of RRs mature today</li><li>thus a net 92bn yuan injection on the day in Open Market Operations (OMOs)</li></ul><p>—-</p><p>Earlier:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-loan-prime-rates-lpr-remain-unchanged-at-todays-rate-setting-as-expected-20231120/" target="_blank" rel="follow" data-article-link="true">PBOC Loan Prime Rates (LPR) remain unchanged at today's rate setting, as expected</a></li></ul>

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