PBOC sets USD/ CNY reference rate for today at 6.9223 (expected was 6.9205)

PBOC CNY reference rate setting for the trading session ahead. PBOC CNY reference rate setting for the trading session ahead. PBOC CNY reference rate setting for the trading session ahead. PBOC CNY reference rate setting for the trading session ahead. PBOC CNY reference rate setting for the trading session ahead. PBOC CNY reference rate setting for the trading… China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading d... China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the PBOC. The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours. Each morning, the PBOC determines the midpoint based on a range of inputs. These… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.