People’s Bank of China sets yuan reference rate at 6.6595 (vs. yesterday at 6.6786)

Taking a look at open market operations:

• PBOC inject 150bn yuan through 7-day reverse repos
• inject 70 bn yuan through 28-day reverse repos

A chunky yuan revaluation (higher yuan) today

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Earlier: Chinese Premier Li says there is no basis for sustained devaluation of the yuan