PBOC sets USD/ CNY mid-point today at 6.8932 (vs. yesterday at 6.8930)
This is the onshore yuan reference rate for the session ahead.
In open market operations
- PBOC injects
150bnyuan via 7-day reverse repos … hold off on this one … 150bn being reported, sounds perhaps incorrect …. yep injection is 15bn yuan, not 150
- PBOC injects 20bn yuan via 28-day reverse repos
Net drain of 25bn yuan due to maturing RRs)
Mid rate lower than was expected (ie stronger onshore yuan than expected)