People's Bank of China setting the onshore yuan reference rate for the trading session

Big revaluation for the onshore yuan against the USD today compared with yesterday's mid rate. Strongest for the CNY since September 20.

Also .... for open market operations

  • to inject 30 bn yuan with 7 day reverse repos
  • to inject 30 bn with 14 day reverse repos
  • to inject 10 bn with 28 day reverse repos

Net 10bn yuan injection drain