USD/ CNY mid-point rate for Monday trade

On Friday the yuan was set against its basket at 93.22

  • vs. previous Friday at 93.24

No open market operations today from the PBOC. In effect that is a drain of 50bn yuan due to maturities.

There had been plenty of concerns about regarding tightness in China money markets on approach to the end of this month, but the PBOC didn't inject funds via OMOs on Friday nor today, so they are obviously not too fussed; a Bank statement today says liquidity is at a relatively high level:

  • that fiscal spending is offsetting RR maturities