People’s Bank of China sets yuan reference rate at 6.9459 (vs. Friday at 6.9463)

Barely any change for the USD/CNY rate today. In open market operations, PBOC:

• to inject 40 bn yuan via 7-day reverse repos
• to inject 20 bn yuan via 14-day reverse repos
• to inject 10 bn yuan via 28-day reverse repos

A couple of items in the Chinese press today to note:

• Beijing to take more steps to cool residential property market: Xinhua
• China needs to regulate 'money gates' but guard against financial stress: state media