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.
China was off on holidays, with markets closed, Wednesday, Thursday and Friday last week.
more to come
This article was written by Eamonn Sheridan at www.forexlive.com.
