PBOC sets USD/ CNY reference rate for today at 6.3540 (vs. estimate at 6.3543)
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 6.3678The PBOC inject 10bn yuan via 7 day reverse repos (rate remains at 2.1%)
10bn yuan mature today
thus net neutral OMO on the day
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