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.
PBOC injects 200bn yuan via 7-day reverse repos
- 10bn yuan mature today
- thus a net 190bn injection in open market operations (OMO)
---
Separately, China reported 197 new COVID-19 cases (figure reported for December 28, was 209 on December 27)
