And, in open market operations, the People's Bank of China:

  • to inject 80 bn yuan via 7 day reverse repos
  • to inject 50 bn yuan via 14 day reverse repos

A net 100bn yuan drain (after RRs maturing)

Another bump higher for the CNY against the USD at the reference rate setting. Strngest yuan since August 17 last year

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Earlier: UBS on China shadow banking risks