PBOC sets the daily reference rate 17 pips firmer than Friday’s fix and 122 pips above Reuters estimates.
The People’s Bank of China set Monday’s USD/CNY central parity rate at 6.7972, a 17-pip strengthening from Friday’s 6.7989 fix. The move came in 122 pips above the 6.7850 Reuters survey median.
Friday’s close had settled at 6.7989, while the previous trading day’s fix was also 6.7989. The PBOC’s daily reference rate serves as the midpoint for the yuan’s permitted 2% trading band against the dollar.
No immediate market reaction was reported following the announcement.