Its Monday morning at the People's Bank of China, time for the first yuan mid-rate for the week!
A big weakening for the CNY against the USD, following a stronger USD (in the wake of the beats in the NFP report)
In open market operations, PBOC:
- to inject 130 bn yuan via 7 day reverse repos
- to inject 120 bn yuan via 14 day reverse repos
The Bank injects 250bn yuan today,
but after accounting for the 310bn yuan in RRs maturing it's a net 60 bn yuan drain