PBOC Sets Yuan Mid-Point at 7.0709; Offshore Yuan Surges Over 300 Pips

The People's Bank of China (PBOC) has set the yuan mid-point at 7.0709 per dollar, compared to the previous close of 7.0111. This move comes as the offshore yuan surged over 300 pips against the USD, recovering above 7.06 to currently trade at 7.0597. The PBOC's setting was slightly lower than the Reuters estimate of 7.0794. Additionally, China injected 41.7 billion yuan via 7-day reverse repos at an unchanged rate of 1.50%.