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.
