• 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 6.3388

Strongest mid rate setting for the onshore yuan since January 27.

The PBOC inject 10 yuan via 7 day reverse repos

  • 20bn yuan mature today
  • thus a net drain of 10bn yuan