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 7.1271.
PBOC inject 67bn yuan in 7 Day Reverse Repo
- 501 bn yuan mature today
- draining net 434bn yuan
more to come
![PBOC](https://images.forexlive.com/images/PBOC_id_cf1dec12-2a06-41f6-9517-4d1c9d531d38_original.jpeg)