On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session at 7.0531, an improvement from the previous day’s fix of 7.0644 and slightly above the Reuters estimate of 7.0518.
In a move to bolster the banking system, the PBoC injected 74.5 billion Yuan through a 14-day reverse repurchase agreement, lowering the rate from 1.95% to 1.85%. Additionally, the central bank provided 160.1 billion Yuan through a 7-day reverse repo, maintaining the rate at 1.7%.
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