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.
- The previous close was 6.4585
- Reuters estimate was 6.4516A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
6.4529 is the strongest for the onshore yuan at the daily setting since the middle of June (the 18th)
PBOC injects 10bn yuan via 7-day reverse repos
50bn RRs mature today
thus net 40bn drain on the day