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 7.1635
more to come
PBoC injects 55bn yuan of 7-day reverse repos at an unchanged rate of 2.0%