August 26, 2024 at 02:18AM
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 7.1210
This was the strongest level since June 13
This article was written by Greg Michalowski at www.forexlive.com.
PBOC sets USD/ CNY central rate at 7.1139 (vs. estimate at 7.1132)