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.

The previous close was 7.3184

Another setting 1100+ points from the modelled estimate. The PBOC is still trying to hold the line on the weakening yuan.

PBOC injects 330bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.8%

  • 209bn yuan of RRs mature today
  • thus a net 121bn yuan injection on the day in OMOs