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.
- The previous close was 6.4720
- Reuters surveyed estimate was 6.4705 (A rate that's significantly stronger or weaker than expected is typically considered a signal from the PBOC).
PBOC injects 10 billion yuan liquidity via 7-day reverse repo
30bn maturing today
thus a net 20 bn yuan drain
