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People's Bank of China USD/CNY reference rate is due around 0115 GMT.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day's trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan's value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency's value.

Yesterday the People's Bank of China propped up the yuan at this setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

I suspect we'll see similar support for the yuan again today.

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
• CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
• A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

Previous close was 7.2330

In open market operations (OMOs):

PBOC injects 328bn yuan via 7-day RR, sets rate at 1.5%

• 19bn yuan mature today
• net injection is 309bn yuan

Wedding bells rang at Trinity Methodist Church yesterday afternoon (Nov 12) as couples renewed their vows — but it was all for a scene in local director Jack Neo's upcoming movie, I Want To Be Boss. Among them, however, was an actual couple who have been married for more than six decades — Jack's very own parents. "I want to leave a beautiful memory of them in the movie," the 64-year-old actor-director told local media on the set. His mum, 86, was dressed in a white wedding gown with tulle sleeves, while Jack's father, 91, looked sharp in a black suit with a matching bowtie. Jack added: "I especially requested that my mum put on a wedding dress today for this scene, because the first time they wore their wedding outfits, I only got to see them in photos. I can see them now."

0.6501

Nearly six decades after he dropped out, Ciro Scala went back to City College, earned two degrees and started a workshop program to help first-generation college students navigate some of the same kinds of challenges that sidetracked his hopes for a college degree.

People's Bank of China USD/CNY reference rate is due around 0115 GMT.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day's trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan's value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency's value.

Earlier:

• ICYMI - PBOC Governor warned on yuan slide, will 'guard against risk of overshoot'

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
• CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
• A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

Previous close was 7.2150

The rate today at 7.1927 is weakest since September 12 of 2023.

PBOC injects 125bn yuan via 7-day RR, sets rate at 1.5%

• 18bn yuan mature today
• net injection is 107bn yuan

*-*-

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People's Bank of China USD/CNY reference rate is due around 0115 GMT.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day's trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan's value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency's value.

Earlier re China:

• Green shoots in China? Excavator sales grew 15% in October
• It's not a pretty picture in China

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
• CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
• A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

Previous reference rate was 7.2355.

The setting at 7.1991, about 300-odd points lower than the modelled estimate is indicative of the PBoC pushing back against yuan weakness. AUD/USD has popped a little on the setting of a stronger than expected yuan.

PBOC injects 233bn yuan via 7-day RR, sets rate at 1.5%

• 17bn yuan mature today
• net injection is 216bn yuan

/*/*

Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

The PBOC governor Pan Gongsheng emphasized that the Bank will not let the yuan plummet without a fight:

• Will step up countercyclical adjustment
• Should resolutely guard against the risk of exchange rate overshoot

Today is an example of the Bank pushing back on yuan weakness, with the reference rate set 300+ points stronger for the CNY than was expected (in the Reuters model).

Offshore yuan has jumped (lower USD/CNH as shown in the chart below):

1 Ugandan Shilling = 0.0019 Chinese Yuan Renminbi

1 Salvadoran Colon = 0.8083 Chinese Yuan Renminbi

1 Romanian Leu = 1.5885 Chinese Yuan Renminbi

1 Ukrainian Hryvnia = 0.2636 Chinese Yuan Renminbi

1 Tanzanian Shilling = 0.0031 Chinese Yuan Renminbi

1 Venezuelan Bolivar Fuerte = 0.7083 Chinese Yuan Renminbi

1 Yemeni Rial = 0.0283 Chinese Yuan Renminbi

1 Paraguayan Guarani = 0.0011 Chinese Yuan Renminbi

1 Hong Kong Dollar = 0.9108 Chinese Yuan Renminbi

1 Kuwaiti Dinar = 22.8679 Chinese Yuan Renminbi

1 Saudi Riyal = 1.8833 Chinese Yuan Renminbi

1 Tunisian Dinar = 2.4289 Chinese Yuan Renminbi

1 South African Rand = 0.3855 Chinese Yuan Renminbi

1 Norwegian Krone = 0.6924 Chinese Yuan Renminbi

1 Argentine Peso = 0.1064 Chinese Yuan Renminbi

1 Moroccan Dirham = 0.72 Chinese Yuan Renminbi

1 US Dollar = 7.0742 Chinese Yuan Renminbi

1 Icelandic Krona = 0.0484 Chinese Yuan Renminbi

1 Kazakhstan Tenge = 0.0168 Chinese Yuan Renminbi

1 Namibian Dollar = 0.3818 Chinese Yuan Renminbi

1 Israeli New Sheqel = 2.0173 Chinese Yuan Renminbi

1 Costa Rican Colon = 0.0124 Chinese Yuan Renminbi

1 British Pound Sterling = 8.7762 Chinese Yuan Renminbi

1 Omani Rial = 18.449 Chinese Yuan Renminbi

1 Honduran Lempira = 0.2826 Chinese Yuan Renminbi

1 Australian Dollar = 4.6225 Chinese Yuan Renminbi

1 Chinese Yuan Renminbi = 168.2169 Iraqi Dinar

1 Chinese Yuan Renminbi = 733.5812 Zambian Kwacha

1 Chinese Yuan Renminbi = 2.5941 South African Rand

1 Chinese Yuan Renminbi = 35.3927 Yemeni Rial

1 Chinese Yuan Renminbi = 85.522 CFA Franc BCEAO

1 Chinese Yuan Renminbi = 3307.8652 Vietnamese Dong

1 Chinese Yuan Renminbi = 1.4118 Venezuelan Bolivar Fuerte

1 Chinese Yuan Renminbi = 1428.9955 Uzbekistan Som

1 Chinese Yuan Renminbi = 6.0982 Uruguayan Peso

1 Chinese Yuan Renminbi = 0.1414 US Dollar

1 Chinese Yuan Renminbi = 537.2084 Ugandan Shilling

1 Chinese Yuan Renminbi = 3.7938 Ukrainian Hryvnia

1 Chinese Yuan Renminbi = 327.1324 Tanzanian Shilling