This is the onshore yuan reference rate for the session ahead.

In open market operations

  • PBOC injects 150bn yuan via 7-day reverse repos … hold off on this one … 150bn being reported, sounds perhaps incorrect …. yep injection is 15bn yuan, not 150
  • PBOC injects 20bn yuan via 28-day reverse repos

Net drain of 25bn yuan due to maturing RRs)

Mid rate lower than was expected (ie stronger onshore yuan than expected)