Today's USD/CNY Midpoint is Set by the PBOC at 6.7884. (vs. Estimate at 6.7885)
The People's Bank of China established the onshore yuan (CNY) reference rate for the upcoming trading session.
The offshore yuan is denoted by CNH. The trading range of USD/CNH is unrestricted.
A significantly higher or lower rate than expected is usually interpreted as a PBOC signal. 6.7850 was the previous close.
The PBoC injects 203 billion yuan of 7-day reverse repos at the same 2.0% rate as before.
Today, 23 billion yuan of RRs mature, resulting in a net injection of 180 billion yuan in open market operations.
The net injection for the week is 602 billion yuan.
More than 1 trillion yuan has been net injected into domestic markets in the last three days to alleviate the cash crunch.
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