People's Bank of China set the onshore yuan mid-rate for the trading session ahead.

Reuters estimate from their survey was 6.4628, Bloomberg 6.4602

PBOC add in 100bn yuan through 7-day RRs in open market operations

  • 2bn mature today
  • thus a net 98bn injection and a slight easing of the liquidity constraints.

Watching now to see how the overnight repo rates respond ... this is not a large injection by any means and the rate hit above 10% on Friday.