The People's Bank of China mid-rate today was not as weak as expected for the onshore yuan:
As posted there:
- USD/CNY is the onshore yuan. Its 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.
CNH is trading up against the USD compared to its pre-fix level:
The PBOC is devaluing the CNY, but not as quick as the estimate had it for today.
The Bank had been holding CNY fairly steady during the Communist Party Congress but since its ended have allowed the yuan to weaken further.
