The 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.

Previous close was 7.1986

PBOC injects 3bn via 7-day RR, sets rate at an unchanged 1.8%

  • 3bn yuan of RRs mature today
  • thus net neutral on the day in OMOs


As for the changes to the People's Bank of China's monetary policy committee:

Now includes

  • China securities regulator head Wu Qing,
  • Vice Central Bank Governor Xuan Changneng

Also has two new academic members,

  • Huang Yiping from Peking University
  • and Huang Haizhou from Tsinghua University