China reopening after the Golden Week holiday.
- Prior close, before the holidays was 6.3571 (and setting on September 30 was 6.3613)
- So, a big rise for the yuan, the biggest rise since September 2
The PBOC to conduct reverse reps today ... to inject 120bn yuan via 7-day reverse repos today, to inject 40bn yuan for the week (vs. net drain 10bn yuan last week)
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Stockmarkets will open at 0130GMT. Emerging markets are around 7% higher since China went on its break, so expect a strong opening. There will be plenty of sellers about in China so while further gains are not out of the question it'll have a few bumps.
- Index futures are up , CSI300 futures up around 4%