The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
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.
- A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. CNY has been set is significantly weaker than the estimate today. The estimate (via Reuters survey) was 6.3389
- The previous close was 6.3400
The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)
150bn yuan mature today
thus a net neutral on the day
