• USD/CNY is 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 mid rate for the session is the strongest for the onshore yuan since the middle of May.

PBOC injects 10bn yuan via 7-day reverse repos

  • 10bn yuan mature today

  • thus a net neutral in open market operations (OMO) today