Technical Analysis

PBOC sets USD/ CNY reference rate for today at 7.1091 (vs. estimate at 7.0905)

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 7.1551

Injects 21bn yuan via a 7 day reverse repo in open market operations today, rate unchanged at 2.0%

12bn yuan maturing today

Net 9bn yuan injections

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