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.

Previous reference rate was 7.1060

  • PBOC injects 17bn yuan via 7-day RR, sets rate at 1.5%
  • 431bn yuan mature today
  • net drain is 414bn yuan
pboc People's Bank of China line drawing 2

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