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
