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 7.2377
PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- thus neutral in OMOs today
![Pan Gongsheng pboc People's Bank of China governor](https://images.forexlive.com/images/Pan%20Gongsheng%20pboc%20People%27s%20Bank%20of%20China%20governor_id_75d8a0b2-c04a-4f3f-8ba8-164262acec8f_original.jpeg)
Pan Gongsheng is People's Bank of China governor.
I wonder if he is waiting on the Reserve Bank of New Zealand like the rest of us? Due at 0200 GMT / 2200 US Eastern time: