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PBOC sets Yuan mid-point at 7.1016/USD vs last close 7.2181
PBOC SETS YUAN MID-POINT AT 7.1016 / DLR VS LAST CLOSE 7.2181
— First Squawk (@FirstSquawk) May 8, 2024
Added at 9:28pm
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PBOC sets USD/ CNY mid-point today at 7.1016 (vs. estimate at 7.2202)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. • USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate. • CNH is the offshore yuan. USD /CNH has no restrictions on its trading range. • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. The previous close was 7.2181. PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%.