PBOC sets USD/ CNY central rate at 6.3943 (vs. estimate at 6.3911)

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is 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.

• Reuters estimate for the reference rate was 6.3911. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
• The previous close was 6.4062
• Yesterday's reference rate was 6.4079

PBOC injects 50bn yuan via 7-day reverse repos

• 200bn RRs mature today
• thus net 150bn drain in open market operations for the day