The People’s Bank of China has set the benchmark rate for the onshore yuan (CNY) for the upcoming trading session.
- USD/CNY is the onshore yuan. It is allowed to trade plus or minus 2% of this daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- A rate that is significantly higher or lower than expected is generally considered a signal of PBOC.
Previous close was 6.9630
PBOC injects 2 yuan via 7-day reverse repos (rate remains at 2.0%)
- 2 billion yuan is due today
- so a net neutral in OMOs today
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