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This pair represents the US Dollar against offshore Chinese Renminbi. The Renmibi is also often referred to as the Yuan in its unit designation and uses the letters CNY when trading inside of China. The Yuan used to be pegged to the US Dollar but is now allowed to trade a limited distance against the reserve currency on a daily basis. China is the world's largest exporter and remains the second largest economy, behind the United States. China has used its control over its exchange rate to help ward off global financial crisis and maintain its dominant trade position - an effort that has drawn accusations that it is manipulating its currency.
The PBOC (China's central bank) has positioned itself as one of the most dovish major central banks alongside the BOJ. They cut the 7 and 14-day repo rate this morning in advance of quarter end, but will they cut 1-yr/5-yr prime rate tonight? $USDCNH https://t.co/z4rKS4VZbt
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