PBOC sets USD/ CNY mid-point today at 6.3272 (vs. yesterday at 6.3167)
PBOC skips OMOs today
- net drain of 90bn yuan
For the week, net drain of 320bn yuan
As the trade tensions started heating up I speculated the PBOC may slash the value of the yuan as a sort of middle finger salute to the US .... hasn't really happened though. Yes, a weaker CNY today but recent days the PBOC have strengthened it.
Also - commodity futures in China are getting smashed ... limit down for some already (rubber)
iron ore off more than 5%
steel rebar ditto