• 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: