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.
The previous close was 6.8998
PBoC injects 180bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
- 15bn yuan of RRs mature today
- thus a net injection of 165bn yuan on the day in open market operations
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