In open market operations, the People's Bank of China injects 15bn yuan via 7-day reverse repos
Marginally stronger for the yuan today
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The weakness of the yuan, which has accelerated post-Brexit vote (as you are probably tired of me talking about), has not reignited fear like it has in the recent past.
Bloomberg have more:
- "This time, it's different," said Song Yu, the Beijing-based chief China economist at Gao Hua, the mainland joint-venture partner of Goldman Sachs Group Inc.
- He has been the top-ranked forecaster of China's economy since Bloomberg began its ranking in 2013.
- "The recent depreciation in the yuan didn't result in large volatility in financial markets around the world, and there weren't heavy speculative positions shorting the currency or individuals trying to convert their yuan holdings into the dollar in a panic."
