The 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. Previous close was 7.2150. PBOC injects 250bn via 7-day RR, sets rate at an unchanged 1.8%. • 3bn yuan of RRs mature today. • Thus net 247bn yuan injection on the day in OMOs. (full story)