Another strengthening of the CNY against the USD today from the Bank. 4th successive day of CNY strength.

And, in open market operations:

  • To inject 40 bn yuan through 7-day reverse repos
  • To inject 30 bn yuan through 28-day reverse repos

After taking into account maturing RRs the net injection is of 40bn yuan.

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On Friday the yuan was set by the People's Bank of China (CFETS) at 93.16 against its basket