On Friday CFETS set the yuan at 93.52 (the RNB index, against a basket of currencies)

  • The previous Friday it was set at 93.29

People's Bank of China refrains from open market operations again today (for the 12th day in a row ... and for a total drain in those 12 days of 780bn yuan). In a statement the bank says liquidity conditions in the banking system are moderate.

  • 30bn yuan mature today (reverse repos), so in effect it's a net 30bn drain from the system

Still to come from China a little later (real soon!): China inflation figures for June

  • China CPI for June, for the y/y, expected is 1.6%, prior was 1.5%
  • China PPI for June, expected is 5.5%, prior was 5.5%