• 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 6.3299
  • The PBOC inject 300 yuan via 7 day reverse repos (rate remains at 2.1%)

    • 10bn yuan mature today

    • thus a net 290bn injection

For the week as a whole the People's Bank of China has injected a chunky net 790bn yuan in total.