People's Bank of China open market operations for today

  • Injects 260bn yuan today through 28-day reverse repos
  • and 80 bn injected via 7-day reverse repos

340bn total today

  • For the week a net injection of 590bn yuan (net injection of 315bn last week)

The big injections of liquidity come ahead of cash demands approaching the New year, but also they are said to be in the place of an RRR cut.

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And also to come - USD/CNY mid point setting to follow