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Offshore yuan getting slammed lower after surprise PBOC rate cuts

The People's Bank of China cut the MLF to 2.5% from 2.65 previously:PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expectedAnd cut the reverse repo rate to 1.8% from 1.9% previouslyPBOC sets USD/ CNY reference rate for today at 7.1768 (vs. estimate at 7.2648)Offshore yuan, CNH, getting sold healivly:Coming up at the top of the hour, China economic data for July:Economic calendar in Asia 15 August 2023 - Data for July from ChinaI think it fair to have low expectations for these given... Read More

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Content Topics

Offshore

Yuan

Getting

Slammed

Lower

After

Surprise

Pboc

Rate

Forex

Posted: Aug 15 2023, 01:30

Author Name: forexlive

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