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The People’s Bank of China cut the Chinese yuan’s daily fixing by 122 pips to 6.9920 per US dollar on Friday, the weakest level since August 3, 2020, compared to a fixing of 6.9798 one day earlier.
The PBOC injects 2 billion yuan liquidity to the banking system via 7-day reverse repurchase agreement (reverse repo) and another 21 billion yuan liquidity via 14-day reverse repo, at interest rates of 2% and 2.15%, respectively, unchanged from the rates in the previous operation, while 2 billion yuan reverse repo expires on the day, leaving a net 21 billion yuan injection.
For the week, the central bank injected 10 billion yuan liquidity via 7-day reverse repo and 90 billion yuan via 14-day reverse repo, while 8 billion yuan reverse repo expired, leaving a net 92 billion yuan injections.