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Home.forex news reportPBOC sets USD/ CNY reference rate for today at 7.1696 (vs. estimate...

PBOC sets USD/ CNY reference rate for today at 7.1696 (vs. estimate at 7.2324)

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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 7.2275

PBoC injects 175.4bn yuan via 7-Day Reverse Repos at 1.5%

  • 353.2bn mature today
  • net drains 177.8bn yuan in Open Market Operations



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