 The PBOC set the USD CNY reference rate today at 6.9646.Open market operations are more interesting. For the week the Peoples Bank of China injected a net 975bn yuan. This is the largest weekly injection since January of 2019.Ensuring banking system liquidity over the new year will be part of the reasoning for this. I suspect three is more to the huge dump of liquidity into markets than just this though. While in China, coming up over the weekend are the official PMIs f... 