• 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 6.3170

6.3222 is the highest mid-rate for CNY against the dollar since April of 2018.

Last week the People's Bank of China injected a net 790bn yuan in total in open market operations.

Off on a similar path today it looks like:

The PBOC inject 300 yuan via 7 day reverse repos (rate remains at 2.1%)

  • 10bn yuan mature today

  • thus a net 290bn injection