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 6.8679


PBOC injects 255 bn yuan in open market operations (OMOs) via 7 day reverse repos (RRs) at an unchanged rate of 2%

  • 30bn yuan of RRs mature today
  • thus a net injection of 255bn yuan


ps. The latest PBOC 25bp cut in the RRR takes effect today. Its expected to release about 550 bn yuan of long-term liquidity..