People's Bank of China reference rate for the CNY against the USD for the trading day.
The Bank allows a plus or minus 2% fluctuation for USD/CNY from this rate
USD/CNH can trade wherever the market takes it, though
In open market operations, the People's Bank of China:
- to inject 100 bn yuan via 7 day reverse repos
- to inject 80 bn yuan via 14 day reverse repos
net 50bn yuan drain
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On Friday CFETS set the yuan at 93.82 against its basket