PBOC sets USD/ CNY central rate at 6.8642 (vs. yesterday at 6.8571)

Onshore yuan reference rate for Thursday's session

• USD/CNY can vary +/- 2% from the mid rate

The Federal Reserve hiked rates overnight (ummm …. ICYMI.... ) but the PBOC is not expected to lift its short term rates (they haven't today). The threat on growth from the trade war (reduced exports) will keep the Bank on hold. IMO.

PBOC to skip OMOs today

• net drain of 60bn yuan in RRs (due to maturing)