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 6.7680
CNY set much weaker than was expected.
The PBOC injects 3 yuan via 7-day reverse repos (rate remains at 2.1%)
- 3bn yuan mature today
- thus a net neutral in OMOs today