The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

  • USD/CNY is 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 6.3860
  • Yesterday's reference rate was 6.3952

Substantially weaker than expected again for the onshore yuan reference rate setting.

PBOC injects 50bn yuan via 7-day reverse repos

  • 50bn yuan mature today

  • thus a net neutral in open market operations (OMO) today