PBOC sets USD/CNY central rate at 6.7562 (vs. Friday at 6.7774)
The USD fell hard on Friday, US inflation data not helping it (and sends the Fed scrambling to convince markets to listen to their increasingly tenuous rate hike babble :-D ). People's Bank of China jacking up the yuan mid rate today, strongest for the CNY against the USD since November of last year
In open market operations the People's Bank of China
- to inject 130bn yuan via 7 day reverse repos
- to inject 40bn yuan through 14 day reverse repos
Net injection of 140bn yuan today (30bn yuan in RRs mature today).