On Monday, the PBOC established the USD/CNY reference rate at 6.7120

On Monday, the People’s Bank of China (PBOC) fixed the USD/CNY reference rate at 6.7120 points in comparison with the preceding day’s trade, which was closed at 6.7160 points, and on Friday, the PBOC rate was fixed at 6.6923 points. It's worth mentio

June 20, 2022 - 12:41 PM 233 views

On Monday, the PBOC established the USD/CNY reference rate at 6.7120

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© On Monday, the PBOC established the USD/CNY reference rate at 6.7120

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On Monday, the People’s Bank of China (PBOC) fixed the USD/CNY reference rate at 6.7120 points in comparison with the preceding day’s trade, which was closed at 6.7160 points, and on Friday, the PBOC rate was fixed at 6.6923 points. It's worth mentioning that the day's fix was scheduled to be 6.7073.

According to Reuters, the PBOC injects 10 billion yuan via 7-day reverse repos at a rate of 2.10 percent, down from 2.10 percent previously.

About the Fixation

China maintains tight control over the Yuan currency rate on the mainland.

The onshore Yuan currency (CNY) is always differentiated with the offshore Yuan (CNH) in the trading limitations but however 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 various kinds of the quotations taken from the inter-bank dealer.

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