The People's Bank of China sets 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.

China is back today after the long holiday.

  • Reuters estimate from their survey was 6.4862, Bloomberg 6.4913 .... (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC)

PBOC injects 10 billion yuan liquidity via 7-day reverse repo

  • 50 billion yuan reverse repo mature today

  • net a 40bn yuan drain on the day