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 6.4610
- Reuters estimate was 6.4629. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
As a reminder, this from the PBOC a day ago:
- China will not resort to flood-like stimulus, Pan Gongsheng, vice governor at the People's Bank of China (PBOC), told a news conference on Tuesday.
has dimmed prospects for more easing in the near term from the Bank. Reuters here for more.
PBOC injects 10bn yuan via 7-day reverse repos
- 10bn RRs mature today
- thus net neutral on the day
