PBOC sets USD/CNY central rate at 6.5693 (vs. yesterday at 6.5468)

Injects 70bn yuan via 7-day reverse repos

CNY (against the USD) to its weakest now since March of 2011. USD strength being nudged along by the Fed bosses muttering about imminent rate hikes. China not slow to jump on the weaker currency bandwagon. And why not?

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