The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
The previous close was 7.2358
PBoC injects 384.5bn yuan via 7-Day Reverse Repos at 1.5%
- 96.5bn mature today
- net injects 288bn yuan in Open Market Operations
Earlier from China:
- Weekend media – China should choose the right timing and force in easing monetary policy
- Weekend – China city Shenzen announced eased housing finance rules
- ICYMI: $US3 to 5 billion in US beef, pork and chicken trade to China is at risk
- Weekend – China released a 30-point plan aimed at boosting domestic consumption
This article was written by Eamonn Sheridan at www.forexlive.com.
