People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- 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 6.7450
The PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.1%)
- 2bn yuan mature today
- thus a net neutral in OMOs today
more to come