PBOC reference rate of 7.2098 is much lower than the 7.2510 expected

<p>The reference rate setting is here:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-72098-vs-estimate-at-72510-20230706/" target="_blank" rel="follow" data-article-link="true">PBOC sets USD/ CNY mid-point today at 7.2098 (vs. estimate at 7.2510)</a></li></ul><p>Which is another mid-rate way below what was expected. </p><p>In open market operations (OMOs) the PBOC injects 2bn yuan via 7-day reverse repos (RRs) at an unchanged rate of 1.9%
</p><ul><li>193bn yuan of RRs mature today
</li><li>thus a net 191bn yuan drain on the day in OMOs</li></ul><p>Meanwhile USD/CNH is ticking up a little after the setting:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.