Time for a wider CNY trading band? Caixin thinks so, see below
In open market operations, the People's Bank of China:
- to inject 100 bn yuan via 7 day reverse repos
- to inject 80 bn yuan via 14 day reverse repos
Despite the big injections today after OMO RR maturities it's a net drain of 40bn yuan
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ps. if you are interested, Caixin has a long editorial piece up on: It's the Right Time for Further Tweaks to the Yuan Fix
- The time window for reform has been opened, now that the downward pressure on Chinese economy has been easing, the risks of financial markets have been receding, and the bullish performance of the U.S. dollar in the past two years may come to an end. At least the timing is much better than it was in August 2015.
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Also, out a little earlier,
- Australia July skilled job vacancies +0.8% m/m (prior +0.9%)
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And ...BOJ offers to buy 100.0 bln yen of JGB maturity of over 25yr
- 200.0 bln yen 10yr-2syr
- 330.0 bln yen 3yr-syr
- 280.0 bln yen 1yr-3yr
