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 6.3113
Yesterday's mid-rate was 6.3014. A big cut to the CNY rate today (ie USD/CNY much higher)
The PBOC inject 510 yuan via 7 day reverse repos (rate remains at 2.1%)
200bn yuan mature today
thus a net 190n drain today in open market operations
