PBOC sets USD/CNY reference rate at 7.0531 vs. 7.0644 previous

On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.0531, as compared to the previous day’s fix of 7.0644 and 7.0518 Reuters estimates.

The PBoC injected 74.5 billion Yuan liquidity into the banking system via a 14-day reverse repo, with the rate lowered to 1.85% from 1.95%. Additionally, the Chinese central bank also injected 160.1 billion Yuan liquidity via a 7-day reverse repo, with the rate unchanged at 1.7%.