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<p>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 7.2629</p><p>---</p><p>Weakest for the CNY setting since January February 2008</p><p>--</p><p>PBoC injects 230bn yuan of 7-day reverse repos at an unchanged rate of 2.0%2bn yuan of RRs mature todaythus a net 228bn yuan injection today</p><p>---</p><p>The offshore yuan was dumped (higher USD/CNH) on the fixing. USD/CNH hit a record high circa 7.3650:</p><p>AUD, NZD lower also</p>

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