People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
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.
The previous close was 6.8729
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I posted earlier in the week on what would support Chinese equity markets and yuan:
The People's Bank of China is really running with it! The reference rate is 592 points higher for the CNY today (592 lower for USD/CNY)
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PBoC injects 73bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
300bn yuan of RRs mature today
thus a net drain of 227of bn yuan on the day in open market operations
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