• 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 6.9
  • The PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.0%)

    4bn yuan mature today
    thus a net drain of 2bn yuan in OMOs today