People’s Bank of China (PBOC) set the USD/CNY central rate at 6.9654 on Monday, versus previous fix of 6.9481 and market expectations of 6.9658. It's worth noting that the USD/CNY closed near 6.9585 the previous day.
With this, the PBOC announced the lowest USD/CNY rates since March 10.
Apart from the daily fix, the PBOC also unveils the numbers for its Open Market Operations (OMO), which in turn suggests that the Chinese central bank injects 2.0 billion Yuan via 7-day reverses repo at 2.0% rate as wel las 125 billion via one-year Medium-term Lending Facility (MLF) rate of 2.75%.
About PBOC fix
China maintains strict control of the yuan’s rate on the mainland.
The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.
Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day's closing level and quotations taken from the inter-bank dealer.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Further losses appear on the cards
AUD/USD experienced a sharp sell-off, breaking below the 0.6500 support level to hit multi-day lows and approach the November bottom near the 0.6430 zone, driven by renewed strength in the Greenback.
EUR/USD: Gains remain capped by 1.0600
The renewed strong demand for the US Dollar, combined with political concerns in France, weighed on the European currency, pushing EUR/USD below the 1.0500 support level once again on Monday.
Gold hovers around $2,640 without directional strength
Gold starts the new week on the back foot and trades below $2,650. The renewed US Dollar strength and the recovery seen in the US Treasury bond yields don't allow the pair to stage a rebound despite the risk-averse market atmosphere.
MicroStrategy, MARA add to their holdings amid Bitcoin's quest for new all-time high
MicroStrategy continued its aggressive Bitcoin purchase on Monday after it announced the acquisition of 15,400 BTC at an average purchasing price of $95,976 per token.
Trump warns BRICS over Dollar rival plans
Donald Trump, the incoming U.S. President, has issued a strong warning to BRICS nations over their plans to challenge the dominance of the U.S. dollar in global trade.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.