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The People’s Bank of China set the internal reference rate for the yuan (CNY) for the next trading session.
- USD/CNY is the local yuan. Trading plus or minus 2% of this daily reference price is permitted.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- A rate that is much stronger or weaker than expected is usually considered a signal from the People’s Bank of China (PBOC).
The previous close was 7.2562
Ahead, what to expect in the future:
More is coming
People’s Bank of China pumps $86 billion through 7-day buffer reserve, sets interest rate at 1.8% unchanged
- 2 billion yuan is due today
- Net injection of 84 billion yuan into open market operations (OMOs)
This article was written by Eamonn Sheridan at www.forexlive.com.
