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 6.4748
- Reuters surveyed estimate was 6.4805 .... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC).
CNY continues to weaken, that's the lowest for the onshore yuan (i.e. highest for USD/CNY) since the first week of May.
PBOC injects net 20 billion yuan liquidity via 7-day reverse repo, the first boost via RRs since March. 30bn injected against 10 bn maturing today.
