The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- 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.
This setting at 7.1460 is a very strong CNY rate from the People's Bank of China, 175 points from the modelled expected. Strongest for CNY since November 8 last year.
The previous close was 7.1707
In open market operations (OMOs), PBOC injects 214.8bn via 7-day RR, sets rate at 1.4%
- 87.1bn mature today
- net drains 127.7bn yuan
