Today is the first mid rate setting from the People's Bank of China since Friday September 28.
All last week China was on holiday, back today.
The offshore yuan traded weaker in the meantime, reflected in the onshore mid rate today. While China was on holiday the pressure on the country from US trade policy increased, this the latest from the weekend:
- FT reports on US moves to further isolate China
- Weekend RRR cut from the PBOC, link and more here
The reference rate setting today is the weakest for the onshore yuan since May of 2017
No Open Market Operations from the Bank today. 100bn yaun of reverse repos mature, so a net drain of that amount.
