The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is 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.
- The previous close was 6.4200
- Reuters estimate from their survey was 6.4260, Bloomberg 6.4263 .... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC.)
As a side note, the PBOC has announced it is increasing its tolerance of bad loans in China's agricultural sector.
PBOC injects 10 billion yuan liquidity via 7-day reverse repo
10bn mature today
thus a net neutral day
