The People’s Bank of China sets the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is 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.
- Reuters estimate from their survey was 6.4685, Bloomberg 6.4651 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC)