People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
A massive revaluation of the CNY from the PBOC. A more than 1000 point change from Friday. This is the largest adjustment in one day since July of 2005.
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 7.0935
PBoC injects 5bn yuan of 7-day reverse repos at an unchanged rate of 2.0%
2bn yuan of RRs mature today
thus a net 3bn yuan injection on the day