Tuesday's was the weakest onshore yuan reference rate setting since early January this year.

  • Weaker CNY again today from the Bank.
  • Lowest for the CNY since late December 2019.

PBOC skips OMOs today. 10bn yuan of RRs mature today.

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More on the yuan:

I noted in the wrap yesterday that shorting the offshore was becoming expensive, with HIBOR rates ratcheting quickly higher:

Capital economics with more on this: