The People's Bank of China sets 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.

  • The previous close was 6.5009
  • Reuters estimate from their survey was 6.5039, Bloomberg 6.5051 .... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC)

Another strengthening for the onshore yuan mid-rate today from the People's Bank of China.

PBOC injects 10 billion yuan liquidity via 7-day reverse repo

  • 10 billion yuan reverse repo mature today
  • net neutral on the day