PBoC fixes USD/CNY Reference Rate at 7.1315 vs prev fix 7.1316 prev close 7.1348


 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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