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Offshore RMB HIBOR Rates in Major Terms Fall

CNH Continues to Rise, Breaking Several Historical Highs Against the US Dollar

ICMA Chief Emphasizes the Importance of RMB in Global Trade and Capital Markets

Renminbi midpoint rate up 98 points

Pang Song: Promoting Renminbi Internationalization and Supporting the Development of Shanghai and Hong Kong as International Financial Centers

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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

XBJF

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.

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WisdomTree, Inc.

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

Financial Secretary Paul Chan announced that the Hong Kong Government is exploring the establishment of a dedicated mediator panel for commodities trading, in collaboration with the International Organization for Mediation. This initiative aims to provide efficient mediation services for disputes in the commodities sector, thereby enhancing market confidence and supporting Hong Kong's ambition to become a global commodities trading hub. Additionally, Chan emphasized the promotion of more RMB-denominated commodity products to aid in exchange rate risk management and bolster China's influence in global pricing.

- The Financial Secretary, Paul Chan, announced the government's collaboration with international mediation organizations to explore the feasibility of establishing a dedicated commodity trading mediation group.  
- This platform aims to provide neutral and efficient mediation services for disputes arising from mineral exploration, production, trading, and delivery, thereby reducing uncertainties in cross-border transactions and supporting Hong Kong's goal of becoming an international commodity and gold trading center.  
- Chan also stated that Hong Kong will promote more RMB-denominated commodity products to offer exchange rate risk management for participants in mainland and overseas markets, enhancing China's influence in global commodity pricing.

ETFS Physical Renminbi ETF

Paul Chan: Govt Studying Feasibility of Dedicated Mediator Panel for Commodities Trading, while Actively Promoting More RMB-denominated Commodity Products

XBJE

The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.8160, a key indicator in Asian foreign exchange 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.

Thomson Reuters

PBOC is expected to set the USD/CNY reference rate at 6.8160 – Reuters estimate

Russia's central bank is considering requiring commercial lenders to hold mandatory reserves in Chinese yuan, aiming to prevent recurring shortages of the currency in domestic markets

Russia eyes mandatory yuan reserves to tame currency shortages

Analysts indicate that the yuan may experience seasonal weakness earlier than usual due to Chinese firms hedging nearly $70 billion in dividends, with a record $24.1 billion payout expected in June. Lower hedging costs and attractive forward rates are prompting earlier currency conversions, potentially increasing pressure on the yuan. However, much of the hedging may already be completed, suggesting that the actual impact on the spot market could be less severe than anticipated. The People's Bank of China is closely monitoring the situation, maintaining a firm yuan fixing to manage potential depreciation.

Yuan - Chinese firms locking in exchange rates ahead of record $70bn dividend season

PBOC sets USD/ CNY reference rate for today at 6.8589 (vs. estimate at 6.8282)

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China's central bank is set to withdraw a net 200 billion yuan (S$37.3 billion) through its one-year medium-term lending facility in April, marking its first withdrawal since February 2025. This move aims to address a liquidity surplus in the financial system, following cash injections and weak credit demand. The central bank is balancing liquidity by reducing long-term funds while maintaining short-term stability. Consequently, yields on China's sovereign bonds have risen, reflecting the ongoing adjustments in the interbank market.

- The People's Bank of China is implementing measures to manage excess liquidity in its financial system by reducing the medium-term funding offered to banks.  
- It plans to withdraw 200 billion yuan through its one-year medium-term lending facility in April, marking the first such withdrawal since February 2025.  
- This action aims to balance liquidity, as weak loan demand has led to liquidity surplus, impacting interbank lending costs and driving down bond yields.

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China taps another tool to drain excess cash from market

The RMB to USD midpoint rate was quoted at 6.8650, a decrease of 15 basis points. The previous trading day's midpoint rate was 6.8635, the onshore RMB closing price at 16:30 was 6.8219, and the overnight session closed at 6.8288

Wallstreetcn

On Wednesday (April 22), in the late New York session (04:59 Beijing time on Thursday), offshore RMB (CNH) traded at 6.8320 per USD, down 34 points from Tuesday's late New York session, with intraday trading ranging between 6.8217 and 6.8331

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