The People's Bank of China taking no prisoners as it crunches the yuan lower
In Open Market operations,
- injects 100bn yuan via 7-day reverse repos (correction, 100bn, not 10bn)
- injects 70bn yuan via 14-day reverse repos
- injects 15bn yuan via 28-day reverse repos
CNY set at its lowest (against the USD) since December of 2008. I'd seen some banks expecting a 6.86 big figure today, so there's that ....
Here's Bloomberg with a piece on the challenges posed for the PBOC :
- As if defusing the world's biggest debt bomb while keeping economic growth humming wasn't tough enough, Donald Trump's shock election victory has just made the policy outlook even more complex for People's Bank of China Governor Zhou Xiaochuan.
And, a piece on buying property all over the world, China style:
- Welcome to ground zero for the world's largest cross-border residential property boom. Motivated by a weakening yuan, surging domestic housing costs and the desire to secure offshore footholds, Chinese citizens are snapping up overseas homes at an accelerating pace. They're also venturing further afield than ever before, spreading beyond the likes of Sydney and Vancouver to lower-priced markets including Houston, Thailand's Pattaya Beach and Malaysia's Johor Bahru.