People’s Bank of China sets yuan reference rate at 6.3378 (vs. Friday at 6.3482)

For the RMB vs. its basket, the PBOC set the rate at 95.80 on Friday (from 96.12 the previous Friday)

In Open Market operations today, the Bank:

• injects 100 bn yuan via 7-day reverse repos
• injects 30 bn yuan via 28-day reverse repos
• injects 20 bn yuan via 63-day reverse repos

Net 150bn yuan injection

Some weekend China developments:

• China's ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to remove a constitutional clause limiting presidential service to just two terms in office.
• China's insurance regulator found three domestic insurers violated foreign investment rules, giving the companies a month to "correct" the breaches.