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 7.2480

The setting at 7.1135 is the weakest (for the CNY) since January 19 this year.

PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%

  • 4bn mature today
  • a net drain of 2bn yuan in Open Market Operations (OMOs)

more to come

PBoC Pan
PBoC Pan