Tuesday’s was the weakest onshore yuan reference rate setting since early January this year.
- Weaker CNY again today from the Bank.
- Lowest for the CNY since late December 2019.
PBOC skips OMOs today. 10bn yuan of RRs mature today.
More on the yuan:
I noted in the wrap yesterday that shorting the offshore was becoming expensive, with HIBOR rates ratcheting quickly higher:
Capital economics with more on this: