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Today from the People’s Bank of China (PBOC):
- yuan reference rate at 6.1503 ( prior 6.1521)
- PBOC to drain 72 bn yuan today via:
- 50bn yuan via 14-day repos
- 22bn via 28-day repos
The yuan fixing is down slightly and has not been rising for the past week but continues to trade in the upper end of the PBOC band above 6.2 USD:
All points to ongoing credit tightness.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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