The PBOC cut over 630 points out of the CNY (i.e. higher USD/CNY) at the refernce rate setting today.
PBOC sets USD/ CNY reference rate for today at 6.7387
(vs. estimate at 6.7314)
Taking it to near the previous close at 6.7379.
For over a week the PBOC had been adding some strength back to the CNY. During session trading though the onshore yuan had shown weakness these past days. PBOC slashing it today.
The PBOC inject 10 yuan via 7 day reverse repos (rate remains at 2.1%)
- 10bn yuan mature today
- thus a net neutral
