That's right ladies and gentlemen, the PBOC set the reference rate for onshore yuan at 7.0570
Now, given the Bank allows USD/CNY to trade plus or minus 2% from this rate that means the upper limit for USD/CNY today is 7.0570 * 1.02 = circa 7.1981.
The PBOC will intervene to sell USD, buy CNY should the rate threaten to go above there.
The lower limit would be …. ahhh, who cares about that! ;-)
Meanwhile, USD/CNH trade with no limits.
