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<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.</p><p class="text-align-start vertical-align-baseline">I posted this yesterday as some background to today's mid-rate setting:</p><ul class="text-align-start vertical-align-baseline"><li><a href="https://www.forexlive.com/centralbank/ahead-of-the-yuan-rate-setting-from-the-pboc-a-reminder-of-the-move-to-limit-its-downside-20220906/" target="_blank" data-article-link="true" class="article-link">Ahead of the yuan rate setting from the PBoC, a reminder of the move to limit its downside</a></li></ul><p>and this:</p><ul><li><a href="https://www.forexlive.com/centralbank/the-estimate-for-the-pboc-usdcny-mid-rate-setting-today-is-69686-20220907/" target="_blank" data-article-link="true">The estimate for the PBOC USD/CNY mid rate setting today is 6.9686</a></li></ul><ul class="text-align-start vertical-align-baseline"><li class="vertical-align-baseline">USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.</li><li>CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.</li><li>A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.</li><li class="vertical-align-baseline">The previous close was 6.9545</li></ul><ul><li>The reference rate is a good way from that estimate (furthest ever it appears), the PBOC trying to slow the devaluation of the yuan. This is eleven consecutive days now the Bank has held the CNY stronger than the estimate.</li></ul><p class="text-align-start vertical-align-baseline">more to come</p><ul><li><p>
The
PBOC injects 2 yuan via 7-day reverse repos (rate remains at
2.0%)

2bn yuan mature today
thus a net neutral in
OMOs today</p>
</li></ul><p class="text-align-start vertical-align-baseline"> eur</p>

                This article was written by Eamonn Sheridan at forexlive.com.