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USD/CNH is lower on the session, last down 111 pips at 6.4859. PBOC fixed USD/CNY at 6.4816, in line with sell-side estimates. The pair is lower on the session but remains within Friday's range after a sizable jump from 6.4650 to just shy of the 6.50 handle.
- The bank injected only CNY 2bn in OMO's, there are reports today that the PBOC could use the contingent reserve arrangement (CRA) to ensure liquidity before the LNY holiday.
- Elsewhere, Sino-U.S. tensions remain under scrutiny after Chinese military aircraft incursions into Taiwanese airspace over the weekend.
- CNH 1m vols had been steadily declining throughout 2021 so far, but have risen off multi-month lows during the session last at 5.175