PBOC slashed yuan’s fixing against dollar by 424 pips, injects net 173 bn yuan liquidity in open market operation
PBOC slashed yuan’s fixing against dollar by 424 pips, injects net 173 bn yuan liquidity in open market operation

PBOC slashed yuan’s fixing against dollar by 424 pips, injects net 173 bn yuan liquidity in open market operation

 

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The People’s Bank of China slashed the yuan’s fixing against the US dollar by 424 pips to 7.0722 per dollar on Tuesday, marking the weakest level since June 2020 and the biggest one-day cut since June 2022, compared to a fixing of 7.0298 one day earlier.

The PBOC injects 113 billion yuan liquidity to the banking system via 7-day reverse repo and another 62 billion yuan liquidity via 14-day reverse repo on Tuesday, while 2 billion yuan reverse repo expires, leaving a net 173 billion yuan injection.