PBOC sets USD/ CNY reference rate for today at 6.8373 (vs. estimate at 6.7992)
From the original
The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. Injects 153bn yuan via 7-day reverse repos in open market operates today. Unchanged rate of 1.4%. This article was written by Eamonn Sheridan at investinglive.com.
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4 itemsPBOC sets USD/ CNY reference rate for today at 6.8435 (vs. estimate at 6.8086)
PBOC sets USD/ CNY reference rate for today at 6.8487 (vs. estimate at 6.8087)
The desk interprets the PBOC's recent USD/CNY reference rate setting at 6.8487, notably above the market estimate of 6.8087, as a signal of the central bank's cautious approach to currency management amid ongoing economic pressures. Per the full note from Eamonn Sheridan at investinglive.com, the PBOC's allowance for a +/- 2% fluctuation around this reference rate, combined with the injection of 27 billion yuan through 7-day reverse repos at an unchanged rate of 1.4%, underscores its commitment to liquidity support while maintaining a stable yuan. This development aligns with our broader view of a managed depreciation strategy by the PBOC to bolster exports and counteract economic headwinds.
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