PBOC inject 55bn yuan through 7-day reverse repos in open market operations (OMOs) today

Yesterday the PBOC devalued the CNY for the first time in 6 days, but today they've followed that with a big revaluation

Past 6 months of USD/CNY settings:

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Some earlier headlines from China ...

The National Development and Reform Commission of the People's Republic of China (NDRC)

  • says China will implement practive fiscal policy
  • China to encourage property destocking in some cities
  • China should cut rates and RRR further when appropriate