On Monday, The PBOC Sets the USD/CNY Reference Rate at 6.7447.

The USD/CNY reference rate was established by the People's Bank of China (PBOC) on Monday at 6.7447 as opposed to the prior fix and closure of 6.7503 and 6.7574, respectively.

July 18, 2022 - 10:51 AM 237 views

On Monday, The PBOC Sets the USD/CNY Reference Rate at 6.7447.

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© On Monday, The PBOC Sets the USD/CNY Reference Rate at 6.7447.

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The USD/CNY reference rate was established by the People's Bank of China (PBOC) on Monday at 6.7447 as opposed to the prior fix and closure of 6.7503 and 6.7574, respectively.

It's important to note that the previous day, the PBOC's USD/CNY fix fell to its lowest levels since June 15. Additionally, Monday's printing exceeded market forecasts of 6.7458.

China's central bank injects 12 billion yuan via 7-day reverse repos at 2.10 percent vs. preceding 2.10 percent, according to Reuters, which also mentioned the data.

About the Fixation

China manages stern control over the Yuan’s currency rate on the mainland.

The onshore Yuan currency (CNY) is always differentiated from the offshore Yuan currency (CNH) in the trading limitations, 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 closed value and on the various kinds of quotations taken from the inter-bank dealer.

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