The PBoC yuan setting is due soon - once again the Bank is battling a surging USD

I've posted a preamble to the People's Bank of China onshoire yuan reference rate setting each day this week.

I won't go over the same ground, here is yesterday's:

Yuan rate setting coming soon - eyes on the PBOC holding the line on the CNY

Check it out for what is expected from the PBoC again today - that is, battling the tide of the strong USD. This is not assisting the PBOC, especially today:

• Yield on 2 year US Treasury highest since 2007

The 2yr UST yield circa 3.52% is underpinning the US dollar on the session.

The mid rate estimate today is 6.8910.

The setting is due at 0115 GMT.

Offshore yuan, CNH, update:

These from earlier:

• Rising COVID cases in China economic hubs, "the threat of damaging lockdowns is growing"

• The US is limiting the sale of Nvidia's best AI data center chips to China & Russia

And, this may trigger harsher sanctions:

• China may have committed crimes against humanity in Xinjiang - UN report