PBOC sets USD/ CNY reference rate for today at 7.0119 (vs. yesterday at 7.0117)

The People's Bank of China has set the USD/ CNY reference rate for today at 7.0119 (vs. yesterday at 7.0117) and skipped OMOs today.

FX implications 

Nothing in there to upset the holidays, although what should be noted is that China's premier Li said the government is studying making further RRR cuts which is AUD supportive. 

Speaking of the Aussie, it is at a technical crossroads, or at least embarking on a critical resistance level around the confluence of the 200-day moving average,e a Fibonacci retracement, a round number and also a prior support level – more on that here: AUD/USD RBA fundamentals and technicals clash, yet bulls persevere