People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
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 6.9726
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The USD surged on Powell's testimony on Tuesday, US time. The PBOC has cut the CNY at the rate setting to refelct the strong USD>
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PBoC injects 4bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
107bn yuan of RRs mature today
thus a net drain of 103bn yuan on the day in open market operations
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