PBOC sets the USD/CNY midpoint rate at 6.6236

The People’s Bank of China (PBOC) set the USD/ CNY reference rate at 6.6236 on Wednesday vs. Wednesday’s 6.6070.

Meanwhile, the PBOC injected CNY120 billion through seven-day reverse repos.

USD/CNY holds the bounce

USD/CNY is consolidating Wednesday’s rebound while trading modestly flat at 6.311, as of writing. Broad-based US dollar strength, amid surging US coronavirus cases and expectations of potential restrictions, underpins the spot.

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