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 7.3297

Offshore yuan has hit a 10 month low after the setting:

usdcnh 10 month yuan low 08 September 2023

PBOC injects 363bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.8%

  • 101bn yuan of RRs mature today
  • thus a net 262bn yuan injection on the day in OMOs