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 6.3695

The PBOC inject 20bn yuan via 7 day reverse repos (rate remains at 2.1%)

  • zero yuan mature today
  • thus net injection of 20bn yuan on the day