PBOC slashed yuan’s fixing by 248 pips, drains 1 bn yuan liqudity
FOREX POLICY & REGULATION
PBOC slashed yuan’s fixing by 248 pips, drains 1 bn yuan liqudity
FOREX POLICY & REGULATION

PBOC slashed yuan’s fixing by 248 pips, drains 1 bn yuan liqudity

 

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

The PBOC slashed the yuan’s fixing by 248 pips to 6.7731 per US dollar on Wednesday, compared to a fixing of 6.7483 one day earlier. The onshore yuan closed daytime trading at 6.7557 per dollar on Tuesday and closed night trading at 7.7649 per dollar.