PBoC fixes USD/CNY Reference Rate at 7.1315 vs prev fix 7.1316 prev close 7.1348

Ross J Burland FXStreet

The People's Bank of China fixed USDCNY Reference Rate at 7.1315 (prev fix 7.1316 prev close 7.1348).

Key notes

PBoC to skip open market ops today.
PBoC fixes USDCNY reference rate at 7.1315 (prev fix 7.1316 prev close 7.1348).
PBoC gauges demand for 7, 14, 28 & 63 day reverse repos.

Market implications

Bulls are in anticipation of a lower yuan pertaining to prospects of a trade war with the US. AUD will likely track the direction of the yuan.

Chart of the Day: AUD/USD is at make-or-break resistance, 0.6400 or 0.6820

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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