PBOC sets USD/ CNY mid-point today at 6.5598 (vs. estimate at 6.5614)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. CNY has been set is significantly weaker than the estimate today. The estimate (via Reuters survey) was 6.3389
The previous close was 6.5580The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)
10bn yuan mature today
thus a net neutral on the day
Source: PBOC sets USD/ CNY mid-point today at 6.5598 (vs. estimate at 6.5614) (https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-65598-vs-estimate-at-65614-20220427/)
forexlive.com