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PBOC Releases Q1 Monetary Policy Report, Aims to Accelerate Financial Market System Building and High-Level Opening Up

Onshore RMB to USD Exchange Rate Rises by 63 Points

Renminbi to US Dollar Central Price Down 15 Points to 6.8502

Renminbi to US Dollar Reference Rate Declines to 6.8628

Onshore RMB depreciated against USD by 121 points

Renminbi to US Dollar Central Price Rises to 6.8579

Offshore Renminbi to USD exchange rate falls to 6.8356

Renminbi to US Dollar midpoint rate lowered to 6.8648

Renminbi to US Dollar mid-price up 75 points to 6.8854

Onshore CNY/USD Closing Exchange Rate Rises by 341 Points

PBOC nets 78 billion yuan in open market operations

Offshore Renminbi Rises Above 6.91 Against US Dollar

Taiwan's Central Bank Holds 5% of Foreign Reserves in Renminbi

CNY Mid-Price at 6.9223, Lowest in Four Weeks

CFETS: CNY Exchange Rate Index Rises 0.02 to 100.60 on Week

CNY/USD Spot Exchange Rate Falls 64 Points

Onshore CNY/USD Closed Down 64 Points

PBOC Net Injection of 21.1 Billion Yuan in Open Market Operations

CNY Mid-rate to USD Quoted at 6.9056

PBOC Issues 6-Month Bill in Hong Kong at 1.48% Yield

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The People's Bank of China reported that new RMB loans reached RMB8.59 trillion in the first four months of 2026, slightly below the forecast of RMB8.9 trillion. Household loans fell by RMB490.2 billion, while corporate loans rose by RMB8.99 trillion. By the end of April, foreign currency loans totaled USD551.5 billion, marking a 3.4% year-on-year increase, with an additional USD6.5 billion in foreign currency loans issued during the period.

- The People's Bank of China reported that in the first four months of this year, RMB loans increased by 8.59 trillion yuan.  
- By sector, household loans decreased by 490.2 billion yuan, while corporate loans increased by 8.99 trillion yuan.  
- As of the end of April, the balance of foreign currency loans was 551.5 billion USD, marking a 3.4% year-on-year growth, with an increase of 6.5 billion USD in the first four months.

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PBOC: New RMB Loans at RMB8.59T in 4M26, vs Forecast RMB8.9T

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The People's Bank of China announced that at the end of April, Mainland China's broad money (M2) balance stood at RMB353.04 trillion, up 8.6% YoY, compared with the market expectation of an 8.5% increase. Narrow money (M1) balance was RMB114.58 trillion, up 5% YoY. Currency in circulation (M0) balance was RMB14.75 trillion, up 12.2% YoY. In the first four months, net cash injection amounted to RMB653 billion. (su/da)

- As of the end of April, China's broad money supply (M2) amounted to 353.04 trillion yuan, reflecting an 8.6% year-on-year increase, surpassing market expectations of 8.5%.  
- The narrow money supply (M1) reached 114.58 trillion yuan, with a 5% year-on-year growth, while the money in circulation (M0) was 14.75 trillion yuan, increasing by 12.2%.  
- In the first four months, the total net cash injection was 653 billion yuan.

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PBOC: Mainland China M2 Balance at End-Apr Up 8.6% YoY, vs Market Forecast of 8.5%

M Stanley has raised its China economic growth forecast for 2023 to 4.8% and for 2024 to 4.7%, citing strong exports and investments in AI and green capital. The bank has withdrawn its predictions for fiscal stimulus and monetary easing due to robust export performance. It also adjusted the GDP deflator forecast to 0.5%. M Stanley anticipates a modest appreciation of the RMB against the USD, adjusting its year-end target to 6.75, with potential fluctuations based on economic performance and USD strength.

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M Stanley Raises China Econ Growth Forecast to 4.8% This Year, Sees RMB at 6.75 vs USD by Year-end

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The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate.more to come

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PBOC sets USD/ CNY reference rate for today at 6.8431 (vs. estimate at 6.7946)

Global central banks' use of the People's Bank of China's (PBOC) swap lines reached a two-year high in Q1, with 111.6 billion yuan drawn, marking a 17.4 billion yuan increase from the previous quarter. This rise reflects growing international demand for the yuan and China's efforts to internationalize its currency, as countries seek to reduce reliance on the US dollar. By the end of 2025, China had established currency swap lines with 32 countries, totaling 4.52 trillion yuan.

- In the first quarter, global central banks utilized the People's Bank of China's (PBOC) swap line, reaching its highest level in two years at 111.6 billion yuan.  
- This amount, representing a quarter-on-quarter increase of 17.4 billion yuan, highlights the growing international demand for the renminbi.  
- The increase underscores China's efforts to internationalize the renminbi and countries' moves to reduce reliance on the U.S. dollar, with 32 nations having signed currency swap agreements with China by the end of 2025.

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Global central banks tap most yuan swap lines with China in two years

The People's Bank of China (PBOC) announced it will continue a moderately accommodative monetary policy to support economic growth amid global uncertainties. The PBOC aims to enhance interest rate regulation, manage liquidity, and ensure balanced credit supply. It will also focus on lowering financing costs for businesses and improving the interest rate formation mechanism. Additionally, the PBOC will maintain a managed floating exchange rate to stabilize the RMB and prevent systemic financial risks, while supporting key areas like domestic demand and technological innovation.

- The People's Bank of China (PBOC) released its first-quarter 2026 monetary policy implementation report, highlighting the impact of external environmental changes.  
- Despite persistent weak global economic growth and rising geopolitical risks, China's economy is moving towards higher quality growth, supported by institutional advantages and the emerging new growth drivers.  
- The PBOC will maintain a moderately accommodative monetary policy, enhancing coordination with fiscal policies and optimizing interest rate management to ensure stable economic growth and improve overall financing conditions.

PBOC: To Continue Implementing Moderately Accommodative Monetary Policy, Further Improve Interest Rate Regulation Framework

China investors are optimistic about the upcoming summit between Xi Jinping and Donald Trump, hoping it will maintain the current trade detente that supports stocks and the yuan. Market analysts are not expecting major breakthroughs but are focused on avoiding renewed tensions. The yuan has strengthened, and investors are favoring tactical bets on Chinese assets. The summit may lead to minor agreements, and while the markets have performed well, they remain vulnerable to negative surprises. Overall, the meeting is seen as a chance to reduce geopolitical uncertainty and boost Chinese equities.

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China investors bet Xi-Trump meet to extend trade-detente rally

The China Foreign Exchange Trade System announced on Monday (11th) that the RMB central parity rate against the USD was raised by 35 bps MoM to 6.8467 per USD, reaching a new high since March 24, 2023. (mn/da)

RMB Central Parity Rate Raised by 35 bps to 6.8467 per USD, Hits Over 3-Year High

The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.7988, a key indicator in Asian forex markets. The PBOC operates a managed floating exchange rate system, allowing the yuan to trade within a 2% band around a daily midpoint. This midpoint is influenced by various factors, including previous closing prices and economic conditions. The fixing serves as a policy signal, indicating the PBOC's stance on currency strength or weakness, especially during periods of global volatility.

PBOC is expected to set the USD/CNY reference rate at 6.7988 – Reuters estimate

The onshore yuan closed at 6.8015 against the US dollar at 16:30 on May 7, up 134 points from the previous trading day. (Jinshi)

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The onshore yuan closed at 6.8015 against the US dollar at 16:30 on May 7, up 134 points from the previous trading day.

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PBOC: New RMB Loans at RMB8.59T in 4M26, vs Forecast RMB8.9T

PBOC: Mainland China M2 Balance at End-Apr Up 8.6% YoY, vs Market Forecast of 8.5%

M Stanley Raises China Econ Growth Forecast to 4.8% This Year, Sees RMB at 6.75 vs USD by Year-end

PBOC sets USD/ CNY reference rate for today at 6.8431 (vs. estimate at 6.7946)

Global central banks tap most yuan swap lines with China in two years