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 7.1390

In open market operations:

  • PBOC injects 149bn via 7-day RR, sets rate at 1.7%
  • 386bn yuan mature today
  • net 237bn yuan drain today

Earlier:

People's Bank of China

AI image.