PBOC sets USD/ CNY reference rate for today at 6.7382 (vs. estimate at 6.7389)

<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.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 </p><p>PBoC injects 23bn yuan of 7-day reverse repos at an unchanged rate of 2.0%319bn yuan of RRs mature todaythus a net drain of 296bn yuan on the day in open market operations</p><p>eur</p>

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