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 7.2538
PBOC injects 278bn via 7-day RR, sets rate at an unchanged 1.8%
- 2 bn yuan mature today
- a net 276 bn yuan injection Open Market Operations (OMOs)
Keep an eye on this:
![People's Bank of China pboc 24 April 2024 2](https://images.forexlive.com/images/People%27s%20Bank%20of%20China%20%20pboc%2024%20April%202024_id_17815e52-8d12-4c31-8cf3-e25f944d5576_original.jpg)