Earlier:
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 6.9750
PBoC injects 85bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
2bn yuan of RRs mature today
thus net 83bn yuan added on the day
People's Bank of China says of the large injection, that open market operations are aimed at ensuring year-end liquidity is stable.
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Earlier:
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