• 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 6.7425

The PBOC injects 3 yuan via 7 day reverse repos (rate remains at 2.1%)

  • 3bn yuan mature today
  • thus a net neutral in OMOs today