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 7.2608
PBoC injects 353.2bn yuan via 7-Day Reverse Repos at 1.5%
- 548.7bn mature today
- net drains 195.5bn yuan in Open Market Operations
Earlier:
- China says it’ll target 2025 economic growth ‘around 5%’
- China says it’ll keep the yuan exchange rate basically stable
- China’s finance ministry says it’ll step up the pace of fiscal spending
- China has suspended soybean import licenses for three US firms and halted US log imports
- China says it’ll reduce Reserve Requirement Ratio at appropriate time
This article was written by Eamonn Sheridan at www.forexlive.com.
