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.