-
PBOC sets Yuan mid-point at 7.1002/USD vs last close 7.2077
PBOC SETS YUAN MID-POINT AT 7.1002 / DLR VS LAST CLOSE 7.2077
— First Squawk (@FirstSquawk) May 7, 2024
Added at 9:35pm
-
PBOC sets USD/ CNY central rate at 7.1002 (vs. estimate at 7.2143)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. • USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate. • CNH is the offshore yuan. USD /CNH has no restrictions on its trading range. • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. The previous close was 7.2077. - PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%. • 440bn yuan of RRs mature today. • Thus net 4388bn drain on the day in OMOs. Draining of cash after the holiday period continues.