The People's Bank of China sets 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 6.4903
- Reuters estimate from their survey was 6.4896, Bloomberg 6.4894 .... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC)
Another strengthening for the onshore yuan at the mid-rate setting today from the People's Bank of China. Strongest for CNY since March 18. But, not quite as strong as the surveys suggested.
PBOC injects 10 billion yuan liquidity via 7-day reverse repo
10 billion yuan reverse repo mature today
net neutral on the day
