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 6.3210
Yesterday's mid-rate was 6.3351. Huge jump for the CNY at today's mid-rate setting.
Meanwhile, the trade-weighted index CNY has hit its highest since 7 August 2015.
The PBOC inject 10bn yuan via 7 day reverse repos (rate remains at 2.1%)
200bn yuan mature today
thus a net 190n drain today in open market operations