Earlier I posted UBS on the RMB: UBS on the yuan - "USDCNY to stay broadly stable for rest of the year"
But, back to today ...
- People's Bank of China weakens the CNY against the dollar
- In open market operations ... the bank to skip today.
- Bank cites high fiscal spending towards end of month. Obviously content with the level of liquidity in the system... says it is relatively high.
50 bn yuan in reverse repos mature today, so a net drain on the day of 50bn yuan
For the week net drain is 60bn yuan (410 bn yuan injection last week)
