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29 Dec 2022

PBOC sets USD/CNY reference rate at 69793 vs. 6.9681 previous

On Thursday, the People’s Bank of China (PBOC) set the USD/CNY central rate at 6.9793 versus Wednesday's fix of 6.9681 and market expectations of 6.9791.

“With 19 billion Yuan worth of reverse repos maturing on Wednesday, China central bank injects 183 billion Yuan on a net basis on the day,” mentioned Reuters.

It's worth noting that the USD/CNY closed near 6.9780 the previous day, marching towards 6.9800 by the press time.

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

Dec 29, 2022

GBP/USD Price Analysis: Pound Sterling defends 1.2000 as risk-off mood eases

The GBP/USD pair is displaying a confident recovery after dropping to near 1.2005 in the early Asian session. The Cable has extended its rebound move
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Dec 29, 2022

EUR/USD Price Analysis: Fades bounce off 10-day EMA below 1.0680 hurdle

EUR/USD bulls step back as the quote reverses from the intraday high to 1.0630 during early Thursday. Even so, the major currency pair prints the bigg
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