On Thursday, the PBOC Changes the USD/CNY Reference Rate from 6.7731 to 6.7411.

During Thursday's Asian session, the People's Bank of China (PBOC) fixed the Yuan (CNY) reference rate at 6.7411 as opposed to the previous release of 6.7731, while also above market estimates of 6.7425. It should be remembered that the USD/CNY ended

July 28, 2022 - 11:53 AM 218 views

On Thursday, the PBOC Changes the USD/CNY Reference Rate from 6.7731 to 6.7411.

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© On Thursday, the PBOC Changes the USD/CNY Reference Rate from 6.7731 to 6.7411.

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During Thursday's Asian session, the People's Bank of China (PBOC) fixed the Yuan (CNY) reference rate at 6.7411 as opposed to the previous release of 6.7731, while also above market estimates of 6.7425. It should be remembered that the USD/CNY ended the prior day at 6.7570.

According to Reuters, the China central bank loses 1 billion Yuan net on the day as reverse repos worth 3 billion Yuan mature on Thursday.

About the Fixation

On the mainland, China maintains tight control over Yuan exchange rates.

The offshore Yuan (CNH), which is less heavily regulated than the onshore Yuan (CNY), has different trading regulations.

The People's Bank of China (PBOC) establishes a so-called daily midpoint fix every morning based on the Yuan's closing level from the previous day and quotes obtained from the inter-bank dealer.

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