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 6.7870

The mid-rate is the weakest for CNY since September of 2020.

The PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2%)

  • 2bn yuan mature today, thus a net neutral in OMOs today

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