Yesterday's USD/CNY mid point was set at 6.4961

So, another stronger CNY setting today from the People’s Bank of China. One of the factors the bank takes into account in the daily setting is the moves in the USD since the prior setting ... so USD weakness since yesterday's set means a weaker USD/CNY mid point (rule of thumb, the exact algo they use is unknown)

Big jump for the CNY. Revalued by 0.5%, biggest jump since November of 2015

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Also ... PBOC injects 110bn yuan via 7-day reverse repos today

For the week, net injection of 85bn yuan (net drain of 205bn yuan last week)

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