People's Bank of China shies away from USD/CNY above 7 … for now
USD/CNY at its highest setting since Dec. 30 last year.
PBOC inject 120bnbn yuan through 7-day reverse repos in open market operations (OMOs) today
- And inject 120bn yuan via 14-dayers also
100bn yuan RRs mature, so a net injection of 400bn
Monetary policy accommodation will continue to try to ease the economic impact of the coronavirus outbreak. Fiscal policy will kick in also. All helpful but the biggest impact will come from the health folks halting the spread of the virus.
