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 7.2685
In open market operations:
- PBOC injects 270bn via 7-day RR, sets rate at an unchanged 1.8%
- 2bn mature today
- thus net 268 injection via OMOs today.
![People's Bank of China](https://images.forexlive.com/images/pboc_id_26d4cef1-0002-4304-ba60-903b86b793b4_size900.jpg)