December 31, 2024 at 01:15AM
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 7.2994
People’s Bank of China injects 158bn yuan in RR at 1.5% (unchanged rate)
64bn yuan mature today
net injection is thus 94bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com.
PBOC sets USD/ CNY reference rate for today at 7.1884 (vs. estimate at 7.2832)