The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. More here on this.
People’s Bank of China injected 263 billion yuan of overnight reverse repurchase operations, @1.25%
- maturing today are 257.5 billion yuan of overnight reverse reposand, 115 billion yuan of 7-day reverse repos, and 500 billion yuan of 3-month outright reverse repos
- net withdrawal today is thus 609.5 billion yuan
This article was written by Eamonn Sheridan at investinglive.com.