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.

  • The previous close was 6.4661
  • Reuters estimate was 6.4637. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

PBOC injects 60bn yuan via 7-day reverse repos

  • AND 60bn in 14-dayers

  • 10bn corrected to 30bn mature today

  • thus net added 110bn 90bn on the day