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 7.2020


PBoC injects 105bn yuan of 7-day reverse repos at an unchanged rate of 2.0%

& injects 77bn yuan of 14 data RRs at an unchanged 2.15%
2bn yuan of RRs mature today
thus a net 182bn yuan injection today



ICYMI: PBOC says never bet on one-sided appreciation or depreciation in yuan exchange rate