People's Bank of China sets USD/ CNY reference rate today at 7.1987 (vs. estimate 7.2893)

<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.</p><ul><li>USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.</li><li>CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.</li><li>A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.</li></ul><p>The previous close was 7.2855</p><p>PBOC injects 34bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.8%</p><ul><li>6bn yuan of RRs mature today
</li><li>thus a net 28bn yuan injection on the day in OMOs</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.