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.
- Reuters estimate was 6.4295. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
- The previous close was 6.4360
- Friday's mid-rate was 6.4386
6.4300 is the strongest mid-rate for the onshore yuan against other USD since the middle of June.
PBOC injects 10bn yuan via 7-day reverse repos
20bn RRs mature today
thus net drain of 10bn yuan in open market operations for the day
