USD/CNY mid point from the PBOC for today.

  • USD/CNY can trade plus or minus 2% from this reference rate. The PBOC will step in to prevent moves going further than 2%
  • The USD/CNH (the offshore yuan) can trade wider than the 4% band though.

The USD gave back a little ground since this time yesterday, so the PBOC has revalued the CNY a little higher. Yesterday was the 12th consecutive day of yuan devaluation - but that streak has come to an end today.

Meanwhile, OMOs today:

  • PBOC injects 100bn yuan via 7-day reverse repos
  • injects 80bn yuan via 14-day
  • injects 15bn yuan via 28-day

ps. the RMB index to last Friday ... stability!