Earlier:
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 6.9876
PBoC injects 2bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
PBoC injects 203bn yuan of 14-day reverse repos at an unchanged rate of 2.15%
41bn yuan of RRs mature today
thus net 164bn yuan added on the day
People's Bank of China says that the large-scale open market operations are aimed at ensuring year-end liquidity is stable. For the week a total of 704bn yuan was added into the banking system via open market operations. This is the largest injection in nearly two months.
