PBOC sets USD/CNY central rate at 6.8592 (vs. yesterday at 6.8495)

People's Bank of China Open Market operations for today:

• injects 110bn yuan via 7-day reverse repos
• injects 30bn yuan via 14-day reverse repos

Weakest for the CNY (against the USD) since August of 2008

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From earlier today:

• ANZ revise yuan forecasts lower

Note, in this research piece ANZ make the point that the yuan weakness is predominantly driven by dollar strength, highlighting that the RMB Index has remained within a stable range (there is a chart at the link above showing this).

Also, a similar point made here:

Link: If China responded by ending all exchange rate management-no daily fix, no band, no intervention, a true float-the renminbi would certainly fall, and potentially fall by a lot.