China's volume-weighted average price of the overnight repo traded in the interbank market fell below 1% for first time since January 2021
This comes as the PBOC earlier had a light touch in the market today. The Bank made a small daily cash injection through open market operations, which after maturing repos resulted in a drain of 1 billion yuan on the day.
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The yuan as inched a little weaker (daily candle chart, offshore yuan):
