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 6.3731
The previous day's reference rate was 6.3674
Today's final reference rate for USD/CNY is around 1490 points lower than at the beginning of 2021 (i.e. stronger onshore yuan over the year). The trade weighted yuan basket index is set at 102.47, up just over 8% on the year.
PBOC injects 100bn yuan via 7-day reverse repos
10bn yuan mature today
thus a net 90bn injection in open market operations (OMO)
