People's Bank of China with the onshore yuan reference rate. a big devaluation today
Broken record time from me … more devaluation to come as the trade war escalates. (ps. Some people don't believe the PBOC is devaluing in response to the trade war, I'm not one of them though.)
PBOC skips open market operations today, for a 10th consecutive day
- no RRs mature
- thus a neutral day
For the week, PBOIC net drain of 210bn yuan in OMOs
