PBOC sets the USD/ CNY reference rate for today at 6.4760 (vs. Monday at 6.5408)

People’s Bank of China set the onshore yuan mid-rate for the trading session ahead.

No let-up from the central bank in China in confirming the strength of the yuan. Huge move stronger, six and a half big figures! (648 points)

Reuters estimate from their survey was 6.4978, Bloomberg 6.4761

PBOC inject 10bn yuan through 7-day RRs in open market operations

  • 140bn mature today
  • thus a net drain of 130bn