# PBOC sets USD/ CNY reference rate for today at 7.1376 (vs. estimate at 7.2437)

> The PBOC set the onshore yuan reference rate at 7.1376 per dollar, well stronger than the 7.2437 estimate and the prior close of 7.2460. The fix was the weakest for the yuan since November 21 of the prior year. The central bank also injected 1 billion yuan through a 7-day reverse repo at 1.7%.

- Date: 2024-08-02 · published 2024-08-02T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/4691-pboc-sets-usd-cny-reference-rate-for-today-at-7-1376-vs-estimate-at-7-2437
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A fixing well below estimates signals official concern about yuan weakness and tightens the signal for Chinese capital flows and import purchasing power. The move is a currency signal with limited direct effect on feed prices.

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-08-02 | 1 | -1.2% | -9.3 | The PBOC set the USD/CNY fix at 7.1376, far stronger than the 7.2437 estimate and the prior close of 7.2460, which signals official resistance to yuan weakness and directly pushed CNY stronger (USD/CNY lower) on the day; the summary's 'weakest since November' wording is inconsistent with the figures, so some caution applies. |
| USDCNY | 2024-08-05 | 5 | -1.8% | -4.3 | The Aug 2 PBOC fix of 7.1376, far stronger than the 7.2437 estimate, signaled official support for yuan strength and anchored the drop in USD/CNY. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2023-11-28 | [PBOC sets USD/ CNY central rate at 7.1132 (vs. estimate at 7.1432)](https://feedsoft.ai/events/33392-pboc-sets-usd-cny-central-rate-at-7-1132-vs-estimate-at-7-1432.md) | -0.1% | -0.1% |
| USDCNY | 2025-05-27 | [PBOC sets USD/ CNY central rate at 7.1876 (vs. estimate at 7.1842) — TradingView News](https://feedsoft.ai/events/24889-pboc-sets-usd-cny-central-rate-at-7-1876-vs-estimate-at-7-1842-tradingview-news.md) | +0.2% | -0.1% |
| USDCNY | 2026-08-24 | [PBoC sets USD/CNY fixing above Reuters estimate, prompting yuan volatility and derivatives positioning - VT Markets](https://feedsoft.ai/events/18096-pboc-sets-usd-cny-fixing-above-reuters-estimate-prompting-yuan-volatility-and.md) | +0.1% | -0.4% |
| USDCNY | 2021-08-31 | [Disappointing PMI Suggests PBOC will Ease Further. Policy Divergence to Drive CNY Lower vs USD - ActionForex](https://feedsoft.ai/events/45783-disappointing-pmi-suggests-pboc-will-ease-further-policy-divergence-to-drive.md) | +0.0% | -0.1% |
| USDCNY | 2024-11-07 | [CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg](https://feedsoft.ai/events/6857-cny-usd-china-sets-yuan-fix-at-weakest-since-2023-bloomberg.md) | +0.7% | +1.3% |

## Sources

- investinglive.com: https://investinglive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71376-vs-estimate-at-72437-20240802/

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