People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
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 7.1344
7.0722 is the weakest (for the CNY) id rate since June 30 of 2020
PBoC injects 113bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
- & injects 62bn yuan of 14 data RRs at an unchanged 2.15%
- 26bn yuan of RRs mature today
- thus a net 149bn yuan injection today