The sources say that the move seemed aimed at driving a stronger yuan for the day and forcing the onshore USD/CNY rate to close below 6.90. As mentioned earlier:...
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PBOC sets USD/ CNY reference rate for today at 6.8198 (vs. estimate at 6.8251)
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....
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„China cuts rates again to shore up stumbling economy”
The People’s Bank of China cus its one year prime rate less than expected, and its five year more than expected: China rate cuts: LPR 1 year 3.65% (from 3.7%) & 5 year 4.30%...
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