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.

The previous close was 7.1800


PBoC injects 133bn yuan of 7-day reverse repos at an unchanged rate of 2.0%

& injects 67bn yuan of 14 data RRs at an unchanged 2.15%
2bn yuan of RRs mature today
thus a net 198bn yuan injection today


Meanwhile USD/CNH has hit 7.21, weakest for offshore yuan ever.

usdcnh 28 September 2022 record