PBOC sets USD/ CNY mid-point today at 7.1077 (vs. estimate at 7.2376)
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 7.2377
PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- thus neutral in OMOs today
Pan Gongsheng is People's Bank of China governor.
I wonder if he is waiting on the Reserve Bank of New Zealand like the rest of us? Due at 0200 GMT / 2200 US Eastern time:
- New Zealand's RBNZ Monetary Policy Shadow Board recommends cash rate on hold this week
- Reserve Bank of New Zealand policy meeting preview - (still) hawkish hold expected
- Reserve Bank of New Zealand expected on hold at its May 2024 meeting - preview
- Reserve Bank of New Zealand monetary policy meeting preview - on hold expected