• 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. Today's setting would seem to qualify as a signal then - the CNY reference rate is a good deal lower than expected.

  • The previous close was 6.3720
  • Yesterday's mid-rate was 6.3794

  • PBOC injects 10bn yuan via 7-day reverse repos

    • 210bn yuan mature today

    • thus a net 200bn drain in open market operations (OMO)