The 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 6.4669
- Reuters estimate was 6.4696. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
Over the weekend:
Today, PBOC
injects 100bn yuan in 14-day reverse repos
0 mature today
thus net 100bn added on the day