People's Bank of China onshore yuan mid-rate setting.
PBOC skips open market operations today. 60bn yuan of reverse repos mature today, thus a net drain of that amount.
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Earlier:
The in a nutshell effect of the PBOC cut to the forward FX RRR is its cheaper to short yuan. Thus its a policy change that will have the effect of weakening the yuan compared to otherwise, and at the margin. Given the strength of the currency, the weakness seen so far today may very well be a one-day wonder.
