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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 7.2790

7.1733 is the strongest for the CNY (lowest for USD/CNY) since September 27.

PBOC injects 474bn via 7-day RR, sets rate at an unchanged 1.8%

  • 391bn yuan of RRs mature today
  • thus a net 83bn yuan injection on the day in Open Market Operations (OMOs)

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