People's Bank of China setting the reference rate for today barely changed from yesterday's. USD/CNY is permitted to trade plus or minus 2% from this.

And, for open market operations:

  • To inject 20 bn yuan through 7-day reverse repos

100bn yuan in reverse repos mature today, so a net drain of 80bn yuan.

Added - Reuters cite industry sources as saying

  • liquidity levels in China's banking system currently very high due to high fiscal expenditure in the past few days

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In the Shanghai Securities News today, PBOC adviser Sheng Songcheng says the People's Bank of China won't be unwinding its balance sheet like the Federal Reserve does

Also,

  • liquidity in Chinese markets will not getting tighter
  • Cross-border yuan flows are stabilising, China FX reserves have been rising

In the China Securities Journal today, after MSCI included some China A shares into its EM index hopes are up for China bonds to be included in international bond indexes. Yesterday the PBOC issued a draft regulation on the bond connect program between the Chinese mainland and Hong Kong