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.
The previous close was 7.2441
The 7.1106 rate is the weakest (for CNY) since the 23rd of January this year.
PBOC injects 250bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- net adding 248bn to banking system, the most since April 30
