The gap between the setting at 6.8401 and the model estimate at 6.7888 is 540+ pips, the biggest since March 2. PBoC looks like it wants to stabilise the yuan rise. On the other hand, thats the strongest set for CNY since March 24, 2023
PBOC injects 500mn yuan via 7-day reverse repos in open market operates today. Unchanged rate of 1.4%.
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Trump is in China to meet with Xi.
