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.
The previous close was 7.1197
more to come
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Still ahead from China, due at 10 am Beijing time (0200 GMT, 2200 US Eastern time):
It’ll include:
- setting up a whitelist for real estate companies
- special bonds for land reserves,
- purchase of existing housing for affordable housing units
- other incremental policies to come
This article was written by Eamonn Sheridan at www.forexlive.com.
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