People's Bank of China lowers the price if the onshore yuan again today, but at a slower pace than it has done over the prior two mid rate settings
- 6.6166 is the highest for the USD/CNY reference rate (i.e. weakest for the onshore yuan) since December 13 of 2017
- This is the 8th straight day the Bank has cut the price of the CNY at the 'fix'
Dunno why the PBOC just doesn't set it at 666 and give all the Washington folks something to really get on twitter about
In Open Market operations,
- PBOC inject 80bn yuan through 7-day reverse repos
- net drain of 20bn yuan
- For the week, net 370bn yuan drain
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I posted yesterday on a likely level for USD/CNY topping out - the level is getting dsicssed more and more (if you don't want to click, its 6.7 ….. but check it out for much more)
- China - CASS researcher nominates the level for USD/CNY that will worry the PBOC(And what the PBOC will do about it)
