PBOC sets USD/ CNY reference rate for today at 6.4563 (Friday's mid-rate setting was 6.4624)
The People's Bank of China set the onshore yuan mid-rate for the trading session ahead.Bloomberg estimate from their survey was 6.4553. The PBOC has set the mid-rate slightly weaker (for the yuan) than has been the expected, signalling they are not yet ready to let the CNY appreciate as quickly as the market expects.
PBOC inject 10bn yuan through 7-day RRs in open market operations
- 50bn mature today
- thus a net 40bn drain