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PBOC sets USD/CNY central rate at 6.8187

Created at 1 Jun · 1:31 AM7 sources↑ Market-relevant3 events
IN SHORT

The People's Bank of China (PBOC) set the USD/CNY central parity rate at 6.8187, which was weaker than the estimated 6.7720. The PBOC also injected 11 billion yuan via 7-day reverse repos at an unchanged rate of 1.4%.

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Key Numbers

6.8187PBOC USD/CNY reference rate
6.7720Estimated USD/CNY reference rate
11 billion yuanPBOC injection via reverse repos
1.4%7-day reverse repo rate
200 million yuan7-day reverse repo bid and allotment

Who's Involved

PBOC
People's Bank of China, setting reference rates and conducting open market operations

↳ Why This Matters

The daily reference rate set by the People's Bank of China (PBOC) for the yuan against the US dollar provides a central point around which the currency is allowed to trade. A weaker-than-expected reference rate can signal a more cautious or supportive stance from the central bank towards the currency's depreciation, potentially impacting global trade and investment flows.

Key facts

  • PBOC set USD/CNY reference rate at 6.8187.
  • Estimated reference rate was 6.7720.
  • PBOC injected 11 billion yuan via 7-day reverse repos.
  • The rate for reverse repos remained unchanged at 1.4%.

The daily reference rate set by the People's Bank of China (PBOC) for the yuan against the US dollar provides a central point around which the currency is allowed to trade. A weaker-than-expected reference rate can signal a more cautious or supportive stance from the central bank towards the currency's depreciation, potentially impacting global trade and investment flows.

Frequently asked questions

The PBOC sets a daily reference rate for the yuan against the US dollar, which serves as a central point for the currency's trading band.

The PBOC allows the yuan to fluctuate within a 2% range around the daily reference rate.

The PBOC injected 11 billion yuan into the financial system through 7-day reverse repurchase agreements.

What Happens Next

01Reuters estimates the PBOC will set the USD/CNY reference rate at 6.7720.

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Cadence
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How It Developed

2 Jun · 1:26 AM
The PBOC conducted a 7-day reverse repo of 200 million yuan, with bids and allotment matching this amount.
@Sino_Market via PiQSuite
2 Jun · 1:18 AM
The PBOC set the yuan midpoint at 6.8187, which is weaker than the prior close of 6.7660.
@FirstSquawk via PiQSuite
1 Jun · 1:15 AM
The PBOC set the USD/CNY reference rate at 6.8167, allowing a +/- 2% fluctuation range, and injected 11bn yuan via 7-day reverse repos.
ForexLive via PiQSuite

Sources

T1
PBOC sets USD/ CNY reference rate for today at 6.8167 (vs. estimate at 6.7643Z)m.piqsuite.com
T1
PBOC is expected to set the USD/CNY reference rate at 6.7720 – Reuters estimate https://t.co/AJHy50OPFU@investingLive_ via PiQSuite
T1
PBOC is expected to set the USD/CNY reference rate at 6.7720 – Reuters estimatem.piqsuite.com
T1
PBOC sets USD/ CNY central rate at 6.8187 (vs. estimate at 6.7720) https://t.co/E1pMmZ51St@investingLive_ via PiQSuite
T1
China's Central Bank Fixes Yuan Midpoint at 6.8187 Against the U.S. Dollar; Prior Close Was 6.7660.@FirstSquawk via PiQSuite
T1
PBOC sets USD/ CNY central rate at 6.8187 (vs. estimate at 6.7720)m.piqsuite.com
T1
🇨🇳PBOC conducted a 7-day reverse repo today of 200 mln yuan; bids and allotment each amounted to 200 mln yuan, and the rate was 1.40%, unchanged. (https://t.co/6EDxve4Gms)@Sino_Market via PiQSuite

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