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 7.2980
In open market operations (OMOs), the bank injects 245.5bn yuan in 7 day reverse repos today at an unchanged rate of 1.5%
- 65.9bn mature today
- thus a net injection of 179.6bn yuan
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decision-making for investors and traders alike.
