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.
The previous close was 6.3700
Yesterday's reference rate was 6.3703
PBOC inject 10bn yuan via 7-day reverse repos and 10 bn via 14 day RRs
10bn yuan mature today
thus a net 10 bn yuan injection via open market operations (OMOs)
