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 7.1620ps. The 10-year government bond yield has dropped to 2.525%, the lowest since April of 2020Earlier:PBOC is expected to set the USD/CNY reference rate at 7.1593 – Reuters estimatemore to come This article was written by Eamonn Sheridan at www.forexlive.com.
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