PBOC sets USD/ CNY central rate at 6.5590 (vs. estimate at 6.5585)

• 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.
• The previous close was 6.5615

Earlier on the CNY and PBOC:

• Nomura expects another cut to the People's Bank of China's FX reserve requirement

TL;DR version is that the PBOC cut its FX reserve ratio (for banks’ foreign exchange deposits) to support the yuan after the currency hit the weakest level in 17 months