CNY is the onshore yuan. It is permitted to trade plus or minus 2% from this mid-point, the daily reference rate.
- The PBOC will intervene at these boundaries to keep the CNY in the band for the day.
- CNH is the offshore yuan and there are no restrictions on its trading range.
People's Bank of China setting the onshore yuan weaker to open the week. Injects 50bn yuan via 7 day reverse repos.
