July 08, 2024 at 02:15AM
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 7.2685
more to come
As posted earlier
PBOC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 4p.m. and 4:20 p.m.
This article was written by Eamonn Sheridan at www.forexlive.com.
PBOC sets USD/ CNY reference rate for today at 7.1286 (vs. estimate at 7.2640)