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 7.2620

In open market operations:

  • PBOC injects 59bn via 7-day RR, sets rate at an unchanged 1.8%
  • 2bn mature today
  • thus net 57injection via OMOs today

.

The People's Bank of China injected net 1.17tln yuan this week via OMOs, the biggest weekly cash injection since January.

People's Bank of China