<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead after the long Lunar New Year holiday break.</p><p>Mainland Chinese stockmarkets will reopen at the bottom of the hour. Hong Kong opened mid-last week and has rocketed higher. 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.</p><p>PBoC injects 173bn yuan of 7-day reverse repos at an unchanged rate of 2.0%74bn yuan of RRs mature todaythus net addition of 99bn yuan on the day in open market operations</p><p>-</p><p><a href="https://www.forexlive.com/terms/e/eur/" class="terms__main-term" id="b0427fd7-674c-4ad1-b689-22d1f8b087b0" target="_blank">eur</a></p>
This article was written by Eamonn Sheridan at www.forexlive.com.