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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 7.3050</p><p>The mid rate at 7.2081 is the weakest setting for onshore yuan since late January in 2008</p><p>---</p><p>PBoC injects 15bn yuan of 7-day reverse repos at an unchanged rate of 2.0%230bn yuan of RRs mature todaythus a net 215bn yuan drain on the day</p><p>---</p><p>Earlier:</p><ul><li><a href="https://www.forexlive.com/centralbank/yuan-is-dropping-like-a-rock-but-wariness-persists-of-state-bank-intervention-circa-735-20221101/" target="_blank" data-article-link="true">Yuan is dropping like a rock, but wariness persists of state bank intervention circa 7.35</a></li></ul><p>---</p><p><a href="https://www.forexlive.com/terms/e/eur/" target="_blank" id="b0427fd7-674c-4ad1-b689-22d1f8b087b0_1" class="terms__main-term">eur</a> </p>

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