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
- The previous close was 6.3271
The PBOC inject 200bn yuan via 7 day reverse repos (rate remains at 2.1%)
10bn yuan mature today
thus a net 190bn yuan injection
Hefty injection of funds, likely in response to end of month tax payments coming due.