Home›Forex›Major Pairs›PBOC sets USD/CNY reference rate at 6.7882 for next se…

PBOC sets USD/CNY reference rate at 6.7882 for next session

The new USD/CNY central rate is set slightly below the prior fix of 6.7900 and well above a Reuters-estimated 6.7430.

Reported · Written up by our desk · Major Pairs

FXStreet reports that the People’s Bank of China set the USD/CNY central reference rate for the next trading session at 6.7882, compared with the previous day’s fix of 6.7900.

The PBOC also set the reference rate versus a 6.7430 estimate from Reuters, indicating the fix came in higher than the market expected level.

The PBOC said its primary monetary policy objectives include safeguarding price stability, including exchange rate stability, and supporting economic growth, alongside implementing financial reforms.

The central bank, which is not considered autonomous and is influenced by CCP leadership, uses tools including reverse repos, medium-term lending, foreign exchange interventions, and reserve requirement adjustments, with the Loan Prime Rate influencing market loan and mortgage rates and potentially the renminbi exchange rate.

More like this

Sources