December 03, 2024 at 01:25AM
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 7.1865
The PBOC injects CNY 51.3 bln via 7 day reverse repo with the rate at 1.50%
This article was written by Greg Michalowski at www.forexlive.com.
PBOC sets USD/ CNY mid-point today at 7.1996 (vs. estimate at 7.2702)