On Friday China Foreign Exchange Trade System (CFETS) set the yuan against its basket at 93.24
- It was 93.09 the week before
For OMOs today:
- To inject 50 bn yuan through 7-day reverse repos
- To inject 40 bn yuan through 14-day reverse repos
- To inject 30 bn yuan through 28-day reverse repos
That's a big net injection today
Maturing RRs are 10 bn yuan today
So, a net 110bn yuan injection into the markets
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The PBOC is addressing liquidity tightness ahead of the end of the month mid-year with this injection today (ps. that's my take on it, not a central bank statement).