PBOC is expected to set the USD/CNY reference rate at 7.1282 – Reuters estimate

Its been a huge week in China.

3 policy rates cut:

• PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected

• ICYMI - People's Bank of China rate cut overnight (that's two rate cuts in one day)

Fuel price cuts:

• China cut the retail prices of gasoline and diesel from Wednesday, the 6th cut this year

And there is more stimulus to come. The Bank is expected to cut Loan Prime Rates next week. This is scheduled for Tuesday the 20th. Current LPRs are:

• 3.65% for the one year
• 4.30% for the five year

And even more ...

• More reports that China to embark on 'major' stimulus

All while the yuan has been sliding, up until yesterday at least: