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 6.4090. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
  • The previous close was 6.3821
  • Yesterday's mid-rate was 6.4307

The USD/ CNY mid-point today at 6.4069 is the strongest for the CNY since June 11.

PBOC injects 100bn yuan via 7-day reverse repos

  • 10bn RRs mature today

  • thus net 90bn injection in open market operations for the day

The PBOC has strung together many days of drain to neutral, a substantial injection instead today.