August 20, 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 7.1390
In open market operations:
PBOC injects 149bn via 7-day RR, sets rate at 1.7%
386bn yuan mature today
net 237bn yuan drain today
Earlier:
People’s Bank of China leaves Loan Prime Rates (LPRs) unchanged
AI image.
This article was written by Eamonn Sheridan at www.forexlive.com.