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