USD/CNY mid point from the PBOC for today.
- USD/CNY can trade plus or minus 2% from this reference rate. The PBOC will step in to prevent moves going further than 2%
- The USD/CNH (the offshore yuan) can trade wider than the 4% band though.
The USD gave back a little ground since this time yesterday, so the PBOC has revalued the CNY a little higher. Yesterday was the 12th consecutive day of yuan devaluation - but that streak has come to an end today.
Meanwhile, OMOs today:
- PBOC injects 100bn yuan via 7-day reverse repos
- injects 80bn yuan via 14-day
- injects 15bn yuan via 28-day
ps. the RMB index to last Friday ... stability!