• USD/CNY is the onshore yuan. Its 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.

  • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. CNY has been set is significantly stronger than the estimate today.
  • The previous close was 6.3210
  • The previous mid-rate was 6.3478

The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)

  • 50bn yuan mature today
  • thus a net 40bn drain