PBOC sets USD/ CNY mid-point today at 6.4970 (vs. yesterday at 6.5106)

PBOC set the onshore yuan reference rate for the trading session ahead.

Much stronger for the CNY than the surveys suggested. Offshore yuan gained further on the announcement overnight:

• US and China officials will meet for a 2-day summit next week in Alaska

Reuters estimate from their survey was 6.5025, Bloomberg 6.4988

PBOC add in 10bn yuan through 7-day RRs in open market operations

• 10bn mature today
• thus net neutral