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 7.2240. PBOC injects 26bn yuan in open market operations (OMOs) via 7-day reverse repos (RRs) at an unchanged rate of 1.9% • 5bn yuan of RRs mature today. • Thus a net 21bn yuan injection on the day in OMOs. (full story)