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<p>The PBOC set the USD/ CNY reference rate today at 6.9646.</p><p>Open market operations are more interesting. For the week the People's Bank of China injected a net 975bn yuan. This is the largest weekly injection since January of 2019.</p><p>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. </p><p>While in China, coming up over the weekend are the official PMIs for December:</p><p>----</p><p>While in Asia, the Bank of Japan conducted an unscheduled Japanese Government Bond buying operation again today. For the third day in a row. </p><p>The Bank of Japan buys Japanese Government Bonds (JGBs) as part of its yield curve control (YCC) program to maintain loose monetary policy.</p>

                This article was written by Eamonn Sheridan at www.forexlive.com.