USD/CNY mid rate, higher (weaker CNY) after the overnight USD strength

Open market operations (OMOs)

  • PBOC Inject 95bn yuan through 7-day reverse repos
  • PBOC Inject 65bn yuan through 14-day reverse repos
  • PBOC Inject 35bn yuan through 28-day reverse repos

More big cash injections into the money market today, following a big week

  • A net 595bn yuan injected this week (compared with net 95.5bn injected the previous week)


The central rate was set a little lower than where many were expecting. As I update there is some selling of USD/CNY and USD/CNH on this.