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 7.0790

In open market operations:

PBoC injects 2bn yuan of 7-day reverse repos at an unchanged rate of 2.0%

& injects 21bn yuan of 14 data RRs at an unchanged 2.15% (the point of the 14 dayers is to carry over through month-end)
2bn yuan of RRs mature today, thus a net 21bn yuan injection