On Friday, PBOC Fixes USD/CNY Reference Rate at 6.6923 Points

On Friday, the People’s Bank of China (PBOC) fixes the USD/CNY reference rate at 6.6923 points in comparison with the preceding day’s trade, which closed at 6.7034 points, and on Thursday, the PBOC value is fixed at 6.7099 points. For Friday, the tra

June 17, 2022 - 11:58 AM 239 views

On Friday, PBOC Fixes USD/CNY Reference Rate at 6.6923 Points

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© On Friday, PBOC Fixes USD/CNY Reference Rate at 6.6923 Points

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On Friday, the People’s Bank of China (PBOC) fixes the USD/CNY reference rate at 6.6923 points in comparison with the preceding day’s trade, which closed at 6.7034 points, and on Thursday, the PBOC value is fixed at 6.7099 points. For Friday, the trade market anticipated 6.6933 points as a PBOC fix.

According to a statement seen by Reuters, the PBOC injected 10 billion yuan via 7-day reverse repos at 2.10 percent instead of 2.10 percent. The statement also stated that the Chinese central bank did not conduct any net weekly open market operations for the purpose of injecting or withdrawing funds.

About the Fixation

China maintains stern control over the Yuan’s currency rate in the morning.

In the trading limitations, the on-shore Yuan currency value (CNY) is always differentiated with the off-shore one (CNH), but the latter one is not as rigidly managed.

On each morning, the People’s Bank of China (PBOC) fixes a so-called daily mid-point fix which is based on the Yuan’s preceding day’s closing value and the various kinds of quotations taken from the inter-bank dealer.

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