# PBOC sets USD/ CNY reference rate for today at 7.1315 (vs. estimate at 7.2514)

> The PBOC set the onshore yuan reference rate at 7.1315 per dollar, far stronger than the Reuters estimate of 7.2514 and well below the previous close of 7.2576. The central bank also injected 2 billion yuan through 7-day reverse repos at an unchanged 1.8%, a net neutral liquidity operation.

- Date: 2024-07-12 · published 2024-07-12T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/12305-pboc-sets-usd-cny-reference-rate-for-today-at-7-1315-vs-estimate-at-7-2514
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger-than-expected fix signals Beijing is leaning against yuan depreciation, which eases pressure on Chinese importers' costs for dollar-priced feed ingredients. The move is a modest supportive signal for Chinese import demand but is mainly a currency event.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-10-29 | [The USD/CNY central rate was established at 7.0843 by the PBOC, lower than before - VT Markets](https://feedsoft.ai/events/22639-the-usd-cny-central-rate-was-established-at-7-0843-by-the-pboc-lower-than.md) | +0.4% | -0.3% |
| USDCNY | 2023-05-19 | [PBOC calls for efforts to prevent drastic exchange rate changes - Chinadaily.com.cn](https://feedsoft.ai/events/36182-pboc-calls-for-efforts-to-prevent-drastic-exchange-rate-changes-chinadaily-com.md) | +0.6% | +1.3% |
| USDCNY | 2022-09-07 | [China Sets Yuan CNY USD Fix at 6.916 Per Dollar, Strongest Bias on Record - Bloomberg](https://feedsoft.ai/events/12269-china-sets-yuan-cny-usd-fix-at-6-916-per-dollar-strongest-bias-on-record.md) | -0.4% | +2.3% |
| USDCNY | 2022-09-06 | [China’s yuan rebounds from 2-year low after PBOC cuts FX reserve ratio - Markets - Business Recorder](https://feedsoft.ai/events/12271-china-s-yuan-rebounds-from-2-year-low-after-pboc-cuts-fx-reserve-ratio-markets.md) | +0.4% | +3.1% |
| USDCNY | 2026-03-10 | [Yuan Rallies by Most Since May After PBOC Boosts Fixing Support - Bloomberg](https://feedsoft.ai/events/11464-yuan-rallies-by-most-since-may-after-pboc-boosts-fixing-support-bloomberg.md) | -0.2% | -0.4% |

## Sources

- investinglive.com: https://investinglive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71315-vs-estimate-at-72514-20240712/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.