The People’s Bank of China set the onshore yuan reference rate for the trading session ahead.
- The previous close was 6.5409
- Reuters estimate from their survey was 6.5383, Bloomberg 6.5391 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC.)
A handy reminder, if needed:
- CNY is the onshore yuan. USD/CNY is permitted to trade plus or minus 2% from the daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
injects 10 billion yuan liquidity via 7-day reverse repo