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 7.1800

PBOC injected 160.7bn yuan via 7-day reverse repos at 1.40%

• 449.2bn yuan mature today
• net 288.5bn yuan drain

Still to come – services PMI: