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.
  • Reuters estimate was 6.4295. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
  • The previous close was 6.4360
  • Friday's mid-rate was 6.4386

6.4300 is the strongest mid-rate for the onshore yuan against other USD since the middle of June.

PBOC injects 10bn yuan via 7-day reverse repos

  • 20bn RRs mature today

  • thus net drain of 10bn yuan in open market operations for the day