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 6.3477

Yesterday's mid-rate was 6.3624

  • Injects 100 bn yuan liquidity via 7-day reverse repo, rate 2.1%

    • 10 bn yuan reverse repo expiring today

    • thus a net 90bn yuan injection