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 6.9585
more to come
The setting today is the weakest for the CNY since March 10.
PBOC injects 2bn yuan in open market operations (OMOs) via 7 day reverse repos (RRs) at an unchanged rate of 2%
- 1bn yuan of RRs mature today
- thus a net injection of 1bn yuan on the day
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