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 for USD/CNY was 7.2530

more to come

Earlier re China:

• China to deepen rural reforms further, move to accelerate rural revitalization

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

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