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 6.3542
more to come
PBoC
injects 10bn yuan via 7-day reverse repos in open market operations
220bn in RRs mature today
thus a drain of net 210bn yuan (a withdrawal of cash liquidity after the holiday)
