Injects 70bn yuan via 7-day reverse repos
CNY (against the USD) to its weakest now since March of 2011. USD strength being nudged along by the Fed bosses muttering about imminent rate hikes. China not slow to jump on the weaker currency bandwagon. And why not?
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Another busy, busy day at the People's Bank of China
"Is that yuan rate set yet?"
"Yes boss"
"How about the repos- you done them yet?"
"Yes boss"
"7-days right?"
"Yes boss"
"And did you cut the RRR rate?"
"No boss"
"Ha - just pulling yer leg!"
"Yes boss".
