PBOC sets USD/ CNY reference rate for today at 7.1688 (vs. estimate at 7.2199)

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:

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

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PBOC sets USD/ CNY reference rate for today at 7.1688 (vs. estimate at 7.2199)

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