<p>People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.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 6.8729</p><p>-</p><p>I posted earlier in the week on what would support Chinese equity markets and yuan:</p><ul><li><a href="https://www.forexlive.com/news/chinas-national-peoples-congress-begins-later-this-week-stockmarket-likely-underpinned-20230228/" target="_blank" rel="follow" data-article-link="true">China's National People's Congress begins later this week – stockmarket likely underpinned</a></li></ul><p>The People's Bank of China is really running with it! The reference rate is 592 points higher for the CNY today (592 lower for USD/CNY)</p><p>-</p><p>PBoC injects 73bn yuan of 7-day reverse repos at an unchanged rate of 2.0%300bn yuan of RRs mature todaythus a net drain of 227of bn yuan on the day in open market operations</p><p>-</p><p>eur</p> This article was written by Eamonn Sheridan at www.forexlive.com. MoneyMaker FX EA Trading Robot