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 6.4815
- Reuters estimate was 6.4849. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
PBOC injects 50bn yuan via 7-day reverse repos
10bn RRs mature today
thus net 40bn injection
For the week overall the PBOC has added in a net 120bn yuan through open market operations.