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 7.2736
In open market operations:
PBOC injects 267.3bn via 7-day RR, sets rate at 1.7%676 billion yuan mature todayand ths it’s a net drain of 408.7bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com.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 7.2736In open market operations:PBOC injects 267.3bn via 7-day RR, sets rate at 1.7%676 billion yuan mature todayand ths it’s a net drain of 408.7bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com. Read MoreCentral Banks
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