PBOC is expected to set the USD/CNY reference rate at 6.6977 – Reuters estimate

Reuters' estimate for the PBOC's USD/CNY reference rate at 6.6977 suggests the central bank is maintaining a relatively stable, slightly weaker bias for the yuan against the dollar. This action primarily influences market expectations regarding the PBOC's comfort level with yuan depreciation, acting as a signal of their policy stance on currency stability. The direct impact will be felt in the onshore CNY and offshore CNH markets, as the reference rate anchors the daily trading band and influences spot and forward pricing, with broader implications for capital flows into and out of China. Traders will closely monitor the actual official fixing release and subsequent spot market reaction for confirmation of the PBOC's intended signaling.

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