PBOC sets USD/ CNY mid-point today at 6.4009 (vs. estimate at 6.4003)

The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

• USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
• CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.

• Reuters estimate for the reference rate was 6.4003. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.
• The previous close was 6.3982
• Yesterday's reference rate was 6.4192

PBOC injects 10bn yuan via 7-day reverse repos

• 200bn RRs mature today

• thus net 190bn drain in open market operations for the day (same net drain as on Monday)