Friday’s USD/CNY mid point was 6.5223, so barely changed today
– PBOC injected 35 bn yuan through OMOs today (7-day reverse repos)
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In December the bank launched a trade-weighted index comprising the currencies of 13 of China’s major trading partners. Its managed through a unit of the bank, the China Foreign Exchange Trade System (CFETS). Last week the yuan index ticked a (very) little higher against the basket, though its been on a downward (yuan, or RMB, devaluation) trend since launching in December.