The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is the onshore yuan. Its 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.
- A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
The previous close was 7.1996
The offshore USDCNH moved to the highest level going back to November 2023 on a break of 7.3108, but after reaching a high of 7.31438, buyers turned to sellers. Today's high price has reached 7.30568. The low price reached 7.29156. Getting back above 7.3108 level and staying above is needed to increase the bullish bias.
