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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

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Greenback Loses Ground

FOREX

G10 price action has been largely lacklustre thus far, USD underperforms at the margin. DXY has extended losses, narrowing in on multi-year lows. The greenback's weakness seems to be flow driven or a continuation of the recent trend, as there has been little in the way of fresh headlines to drive the move. Some pressure may have come from previously flagged USD/JPY sales into the Tokyo fix.

  • USD has softened vs. all major EMFX but TRY.
  • USD/CNH has slid under yesterday's worst levels and hovers just above its multi-month lows as we type. The PBoC fix is due shortly.
  • Focus moves to RBA Aug MonPol meeting minutes, U.S. housing starts & building permits and comments from ECB Vice Pres de Guindos.
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