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 7.0710
PBOC injected 139.8bn yuan via 7-day reverse repos at an unchanged rate of 1.40%.
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Earlier:
- China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries
- USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement
This article was written by Eamonn Sheridan at investinglive.com.
