The USD dropped hard overnight in response to the Federal Reserve minutes release (well, and other factors also)

The People's Bank of China with a relatively restrained drop in USD/CNY at the reference rate setting.

In open market operations, the People's Bank of China:

  • to inject 60 bn yuan via 7 day reverse repos
  • to inject 40 bn yuan via 14 day reverse repos

For a net 50bn yuan injection