PBOC sets USD/ CNY reference rate for today at 6.9228 (vs. estimate at 6.8428)

The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate.

PBOC injects 269bn yuan via 7-day reverse repos at 1.4% in open market operations today.

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Earlier, PBOC trimming some support for the yuan:

• PBOC cuts FX risk reserve ratio to 0%, slowing yuan appreciation