The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- Reuters estimate for the reference rate was 6.3882. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
- The previous close was 6.3918
- Yesterday's mid-rate was 6.3957
PBOC injects 200bn yuan via 7-day reverse repos ... hefty addition of funds
100bn RRs mature today
thus net 100bn injection in open market operations for the day
680bn yuan injected net for the week.
