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 7.0888
In open market operations (OMOs):
- PBOC injects 142bn via 7-day RR, sets rate at 1.7%
For thw week the PBOC drained net CNY 1.1916tln yuan. This is l
