USD/CNY mid-point reference rate
- Friday's close was 6.5840
- Friday's mid point was 6.5637
Yuan strengthened a little by the PBOC today (a lower setting for the USD/CNY). The PBOC are in no frame of mind to let the CNY weaken ... this is another day of stronger/stable yuan for 7 consecutive trading days now.
The stability in the yuan is meant to flow over into stability for stocks .... and for 'risk' generally. Meant to ... not working out so well so far.
The 0.07% strengthening of the CNY, while it doesn't sound like much (it isn't) is the most since December 21
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Over the weekend:
- PBOC to impose reserve ratio on offshore yuan accounts
And, what that means: Here comes the yuan fix from the PBOC after weekend moves to soften CNH
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Meanwhile ... the HKD is at its weakest since September of 2011
