The People’s Bank of China sets the USD/CNY exchange rate today at 7.1291 (versus estimates of 7.2774)

The People’s Bank of China has set the exchange rate of the Chinese Yuan (CNY) in the onshore market for the next trading session.

• USD/CNY is the local Yuan. Trading is allowed up or down 2% from this daily reference rate.
• CNH is the Offshore Yuan. There is no restriction on the trading range of the USD/CNH pair.
• A significantly stronger or weaker than expected interest rate is usually considered a signal from the People’s Bank of China.

Previous close was 7.2683

In open market operations:

More is coming

• 300 billion is worth today

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