A lower USD/CNY setting today from the PBOC again. Note, though that while the USD/CNY has been set lower (i.e. higher yuan) this past week (and months) (as the USD has slid pretty much everywhere) the CNY rate against the basket has been lower.

The RMB index was set at 92.91 on Friday (down from 93.34 on Friday July 14 & 93.52 the previous Friday, the 7th).

USD/CNY mid rates this past year (chart to last Friday), (chart via Bloomberg:

in open market operations the People's Bank of China

  • to inject 200 bn yuan via 7 day reverse repos
  • to inject 150 bn yuan through 14 day reverse repos

Net injection of 220bn yuan after maturing RRs taken into consideration