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China PBoC Sets Yuan Mid-Point At 7.1201/USD VS Last Close 7.2609
China PBoC Sets Yuan Mid-Point At 7.1201 / Dollar VS Last Close 7.2609
— LiveSquawk (@LiveSquawk) June 24, 2024
Added at 9:22pm
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PBOC sets USD/ CNY reference rate for today at 7.1201 (vs. estimate at 7.2647)
PBOC CNY reference rate setting for the trading session ahead. Below is an extract from Eamonn’s handy posts regarding the midpoint setting, and here is some further explanation of what it is and how it works. 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. Previous setting was 7.1196.