PBOC raises yuan’s fixing by 320 pips, drains 1 bn liquidity

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The People’s Bank of China injects 2 billion yuan liquidity to the banking system via 7-day reverse repurchase agreement (reverse repo) on Thursday, while 3 billion yuan reverse repo expires, leaving a net 1 billion yuan drained from the market.

The PBOC raised the yuan’s fixing by 320 pips to 6.7411 per US dollar on Thursday, compared to a fixing of 6.7731 one day earlier.