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 6.3830
- Yesterday's mid-rate was 6.3728
PBOC injects 10bn yuan via 7-day reverse repos
110bn yuan mature today
thus a net 100bn drain in open market operations (OMO)
Goldman Sachs USD/yuan view is in this post here:
