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 was 6.3884. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
- The previous close was 6.3939
- Yesterday's mid-rate was 6.4069 (the strongest setting rate for the CNY since June 11.)
PBOC injects 100bn yuan via 7-day reverse repos
10bn RRs mature today
thus net 90bn injection in open market operations for the day
