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 7.1753
In open market operations:
PBOC injects 13bn via 7-day RR, sets rate at 1.7%1bn yuan mature todaynet 12bn yuan injection today
Still to come, CPI & PPI from China:
Economic calendar in Asia 09 August 2024 – Chinese inflation data for July
This article was written by Eamonn Sheridan at www.forexlive.com.
