The People’s Bank of China (PBOC) cut the yuan’s daily fixing by 133 pips to 6.8198 per US dollar, the weakest level since September 2020, compared to a fixing of 6.8088 in the previous trading day.
The PBOC injects 2 billion yuan liquidity to the banking system via 7-day reverse repo at a rate of 2%, unchanged from the rate in the previous operation, while 2 billion yuan reverse repo expires, leaving a net zero injection.