PBOC sets USD/CNY central rate at 6.6473 (vs. yesterday at 6.6288)

It’s the TGIF yuan reference rate from the People’s Bank of China In Open Market Operations, the PBOC to:

  • inject 60bn yuan via 7 day reverse repos
  • inject 30bn yuan through 14 day reverse repos
  • inject 50bn yuan through 63-day reverse repos (for the first time)

Net injection today= 90bn yuanAnd, for the week, net injection of 390bn yuan via OMOs (net 500bn injection the previous week)
Earlier I tweeted on PBOC gauging reverse repo demand for 7, 14, 28 and 63-day

  • The use of 2 month RRs a step to ease liquidity pressures, aimed at stabilising it in a more medium to longer time frame than the regular 7, 14 and 28-day operations.
  • ICYMI: PBOC has sent to some banks to gauge market demand for two-month reverse repos

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