PBoC leavs rates unchanged, as expected, fixes USD/CNY at 6.3401 vs last close 6.3257

FX

The People’s Bank of China left their 5-year loan prime rate unchanged at 4.60%, as expected and the 1-year loan prime rate unchanged at 3.70%, as expected.

The central bank also sets the yuan mid-point at 6.3401 vs the last close of 6.3257.

About the 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 closing level and quotations taken from the inter-bank dealer.

Articles You May Like

Russian central bank surprises markets by holding key rate at 21%
EURUSD testing the 100 hour MA and near a key swing area
USDCHF rallies to key retracement last week and sold off. Today the bias is back higher.
Nike CEO Elliott Hill outlines new strategy after retailer blames promotions for declining revenue and profit
Pound Sterling gains as investors shrug off increased BoE dovish bets

Leave a Reply

Your email address will not be published. Required fields are marked *