The People's Bank of China fixed USDCNY Reference Rate at 7.1315 (prev fix 7.1316 prev close 7.1348).
Key notes
- PBoC to skip open market ops today.
- PBoC fixes USDCNY reference rate at 7.1315 (prev fix 7.1316 prev close 7.1348).
- PBoC gauges demand for 7, 14, 28 & 63 day reverse repos.
Market implications
Bulls are in anticipation of a lower yuan pertaining to prospects of a trade war with the US. AUD will likely track the direction of the yuan.
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