USD/CNY is the onshore yuan. Its 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.
A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. Today's setting would seem to qualify as a signal then - the CNY reference rate is a good deal lower than expected.
PBOC injects 10bn yuan via 7-day reverse repos
270bn yuan mature today
thus a net 260bn injection in open market operations (OMO)
