The 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 7.2416
PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- thus neutral in OMOs today
![pboc](https://images.forexlive.com/images/People%27s%20Bank%20of%20China%20pboc_id_ce652122-2473-4e43-aaf0-a70fcd4af9db_original.jpg)