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
PBoC injects 23bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
319bn yuan of RRs mature today
thus a net drain of 296bn yuan on the day in open market operations
