On Friday the People's Bank of China (via China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of the Bank) set the RMB at 93.76 against its basket (down from 93.82 the Friday before)
CNY much stronger again vs. the USD today (highest for the yuan since August 19 last year). Fits with the weaker USD since Jackson hole speech from Yellen.
- EUR/USD ... its all about what Yellen and Draghi didn't say
- Jackson Hole responses roll in ... "disappointing those looking for clues on outlook"
- Jackson Hole responses roll in ... JP Morgan Tokyo looking for lower USD, yen
- Jackson Hole responses roll in - BTMU on dangerous EUR/USD
In open market operations, the People's Bank of China:
- to inject 60bn yuan via 7 day reverse repos
- to inject 40bn yuan via 14 day reverse repos
Net drain of 100bn yuan (after RRs maturing)
