PBOC Sets Yuan Mid-Point at 7.0994, Sells 2 Billion Yuan of 7-Day Reverse Repo on Tuesday Morning, Draining 438 Billion Yuan

The People's Bank of China (PBOC) set the yuan mid-point at 7.0994 against the dollar, compared to the last close of 7.2250. PBOC sold 2 billion yuan of 7-day reverse repo at 1.8%, while injecting 2 billion yuan of the 7-day reverse repo on Tuesday morning, draining 438 billion yuan from the open market on a net basis. The yuan mid-point was set at 7.1002 against the dollar, with a last close of 7.2077. China's yuan fixing range was surveyed between 7.1015 and 7.2240.