The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate.
USD/CNY set at 623 pips weaker than the Reuters’ estimate, the biggest spread on record.
PBOC injects 320.5bn yuan via 7-day reverse repos at 1.4% in open market operations today.
This article was written by Eamonn Sheridan at investinglive.com.
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