People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead after the long Lunar New Year holiday break.
Mainland Chinese stockmarkets will reopen at the bottom of the hour. Hong Kong opened mid-last week and has rocketed higher.
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.
more to come
