PBOC sets USD/ CNY reference rate for Monday at 6.9154 (vs. Friday at 6.9120)

Over the weekend PBOC Governor Yi Gang said on the currency:

• Weekend - PBOC Gov Yi Gang said will not use yuan devaluation in trade war

On Friday CFETS set the yuan at 92.38 against its basket index

• From 92.35 the previous

The Bank conducts no open market operations today

• no reverse repos mature
• thus neutral

CNY set a little lower again vs. the USD. The Bank has been setting it lower all last week and kicking off this week the same way.