- 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 6.7020
The PBOC inject 3bn (yes, 3) yuan via 7 day reverse repos (rate remains at 2.1%)
- 100bn yuan mature today
- thus a net 97bn yuan drain in OMOs today
