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 6.3304
Yesterday's mid-rate was 6.3411

The yuan's trade weighted basket index has hit its highest, 103.21, since the middle of November 2018.

PBOC Injects 150 bn yuan liquidity via 14-day reverse repo, rate 2.25%

  • 100 bn yuan of 7-day RRs mature today
  • net injection thus 50bn yuan

Expect more added liquidity ahead of the Lunar New Year holidays. China is on holiday from 31 January to 6 February.