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 7.1192

In open market operations (OMOs):

  • PBOC injects 161bn via 7-day RR, sets rate at 1.7%
  • 63bn mature today
  • thus a net injection of 98bn yuan
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