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 6.9179

PBOC injects 33bn yuan in open market operations (OMOs) via 7 day reverse repos (RRs) at an unchanged rate of 2%

  • 562bn yuan of RRs mature today
  • thus a net drain of 529bn yuan

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