PBOC open market operations today:
- injects 110bn yuan via 7-day reverse repos
- injects 60bn yuan via 14-day
- injects 15bn yuan via 28-day
A weaker set against the USD again today. C'mon 7!
12th consecutive day of a weaker yuan against the USD.
On Friday CFETS (China Foreign Exchange Trade System is a unit of the People's Bank of China) set the yuan basket rate at 94.54, up 0.21 on the week.
As I've been noting for weeks now, while the yuan is weak against a surging USD the basket is a lot more stable.
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