The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- The onshore yuan is USD/CNY. It is allowed to trade plus or minus 2% from this daily reference level.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- A significantly stronger or weaker rate than expected is usually considered a signal from the PBOC.
more to come
This article was written by Eamonn Sheridan at www.forexlive.com.
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