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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 7.0550.</p><p>The People's Bank of China has set the CNY at its strongest (i.e. lowest for USD/CNY) since mid-November. The signs of reopening in China is giving the yuan a boost. more to come</p><p>PBoC injects 2bn yuan of 7-day reverse repos at an unchanged rate of 2.0%8bn yuan of RRs mature todaythus a net 6bn yuan drain on the day</p><p>--</p><p>eur</p>

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