At 6.12 the yuan is below its reference rate on the day …
Market chatter is that the PBOC is working to narrow the spread between onshore and offshore yuan rates to try to lessen speculative inflows
Seeing some impact on the AUD/USD, down toward session lows (admittedly a small range session so far)
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The 7-day repo rate has opened at 3.27% (same as Monday close)
