PBoC sets USD/CNY reference rate at 7.1070 vs. 7.1006 previous

On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1070 as compared to Friday's fix of 7.1006 and 7.2088 Reuters estimates.

• PBoC injects 100 billion Yuan via 14-day reverse repos with a rate at 1.95%
• 500 billion Yuan of RRs mature today, summing to a 400 billion Yuan drain on the day in OMOs.