The first mid-point for 2017 from the People's Bank of China today

(Yesterday was a holiday).

In OMOS for the day, the Bank to:

  • inject 20bn yuan via 7-day reverse repos
  • inject 20bn yuan via 14-day reverse repos

The 40bn injection will be a net drain (after OMOs rolling off are taken into account) of 155bn yuan. overnight yuan rates in HK will likely head higher on this.

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On Friday the People's Bank of China (through CFETS) set the yuan against its basket at 94.83:

I'll have a post coming up on the basket ... The basket went from 13 currencies to 24 on January 1.