In Open Market operations today:
- To inject 80 bn yuan through 7-day reverse repos
- To inject 80 bn yuan through 14-day reverse repos
- To inject 90 bn yuan through 28-day reverse repos
That's a basically unchanged USD/CNY mid rate today from the Bank
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Ps ... this via LiveSquawk (free trial if you're interested):
HSBC: The PBoC's Policy Thinking
- Interbank tightening mainly aims to de-leverage the financial system rather than change the monetary policy stance.
- Broad-based monetary tightening not justified, given the still fragile state of the economy and mild inflation.
- The PBoC seeks to balance its multiple objectives, but we think economic growth stability is a top priority, requiring monetary accommodation.