- 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.
Previous close was 6.3666
The PBOC inject 10bn yuan via 7 day reverse repos (rate remains at 2.1%)
- 20bn yuan mature today
- thus net 10bn drain in OMO on the day
