The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. Yesterday, Monday, was a holiday in China so today is the first setting for the week.
- 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 6.3980
- Reuters estimate from their survey was 6.4053, Bloomberg 6.4074 .... (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
20bn mature today
thus a net drain
