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.
Previous reference rate was 7.1455
PBOC injects 12bn yuan via 7-day RR, sets rate at 1.5%
- 17bn yuan mature today
- net drain is 5bn yuan
