Eyes on the PBOC reference rate setting for onshore yuan due soon

  


The mid rate from the People’s Bank of China for USd/CNY is due just after 0115GMT.

Reuters estimate is for a rate at 7.0421. If you’ve been following aolong the past week or so you’ll know that these estimates have come in on the igh side for USD/CNY. yes, the PBOC is allowing the yuan to weaken, but not by as much as expected.

I do wonder if that will change soon given the … is collapse to strong a word? … weaker credit growth reported yesterday:

  • New yuan loans ¥1,060.0 bn vs ¥1,275.0 bn expected
  • Aggregate financing ¥1,010.0 bn vs ¥1,625.0 bn expected
Justin had more on this here. he also had comments from the PBOC on the yuan falling trend here:

Offshore yuan relatively steady today:

The mid rate from the People's Bank of China for USd/CNY is due just after 0115GMT.

ForexLive



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