The People's Bank of China sets the yuan against the USD

  • This is the 'reference rate'
  • USD/CNY can trade in a band plus or minus 2% of this rate for the day
  • USD/CNH can do whatever the **** it likes though
  • CNH is the 'offshore' yuan (CNY the 'onshore')

USD/CNY basically unchanged at the mid rate today

The PBOC has skipped OMOs again today (as they did Monday)

  • Say liquidity at a high level

(no further injections into the money market might well be read as a PBOC tightening)