PBOC sets USD/CNY central rate at 6.8786 (vs. yesterday at 6.8612)
In today's open market operations - People's Bank of China to skip for today
- Says liquidity appropriate
- Thus a net drain of 20bn yuan as 20bn reverse repo matures today
For the week as a whole the Bank injected 160bn yuan net (was a net drain of 120bn yuan the previous week).
The Bank will be auctioning 80n yuan of 3-month deposits to commercial banks today.
A weakening of the CNY against the USD today after 6 days in a row of strengthening. Today's revaluation of the yuan reference rate is its biggest in % terms since February 20. The bounce in the USD overnight reflected in USD/CNY today.
Posted earlier today: Is the PBOC using stronger yuan fixings to prevent panic from spreading?