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 6.3518
- The previous mid-rate (yesterday) was 6.3800 and the weakest reference rate for CNY since December 20 last year.
The PBOC inject 80 yuan via 7 day reverse repos
- 10bn yuan mature today
- thus a net 70bn yuan injection on the day
