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 6.8170

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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

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Earlier:

Thats a smaller than was expected rate cut to the one-year LPR

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