People's Bank of China cuts the CNY mid rate again (i.e. higher USD against the onshore yuan), weakest since December 20 last year
- At just under 400 points its the biggest cut since January this year
- 7th day in succession of a weaker CNY mid rate
(if yer keepin' score!)
I'd seen projections for where the mid-rate was going to be set today. Dispite the near 400 point cut its actually less than what the forecasts were. I dunno how anyone can make a forecast on the magnitude of what the PBOC will do - IMO we do not have enough info from them to make a guess. ballpark I suppose is OK, but it is a pretty big park.
In Open Market operations,
- PBOC inject 80bn yuan through 7-day reverse repos
Net is a drain of 100bn yuan (180bn maturing RRs)
--
Earlier;
- China - CASS researcher nominates the level for USD/CNY that will worry the PBOC (And what the PBOC will do about it)
And, even earlier:
