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 6.3478

Yesterday's mid-rate was 6.3599

Injects 100 bn yuan liquidity via 7-day reverse repo, rate 2.1% (was lowered yesterday from 2.2% )

  • 10 bn yuan reverse repo expiring today

  • thus a net 90bn yuan injection