Offshore yuan weakens as traders await PMI data and fiscal support

The offshore yuan weakened to approximately 7.15 per dollar as traders exercise caution ahead of the upcoming Chinese PMI data, which will be released tomorrow.

Offshore yuan weakens as traders await PMI data and fiscal support

This data is anticipated to provide insights into the effects of recent stimulus measures. Additionally, traders are looking forward to the National People’s Congress meeting scheduled for November 4-8, hoping for more information on expected fiscal support initiatives.

PBOC starts reverse repurchase operations to boost liquidity

Earlier this week, the People’s Bank of China announced it would initiate "outright reverse repurchase operations" with primary dealers starting October 28. With maturities of less than a year, these monthly operations aim to inject liquidity and stabilize market conditions amidst ongoing economic challenges.