PBOC sets USD/CNY benchmark rate at 7.0531 from 7.0644 previously

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

The PBoC injected 74.5 billion yuan of liquidity into the banking system through a 14-day reverse repo, the rate lowered to 1.85% from 1.95%. In addition, China’s central bank also injected 160.1 billion yuan of liquidity through a 7-day reverse repo, with the rate unchanged at 1.7%.