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 7.0990
PBOC injects 342.6bn yuan at 1.40% via 7-day reverse repos
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Ahead:
- Chinese President Xi is expected to meet with Trump at 11am South Korea time Thursday
- Senate Democrats warn Trump: Don’t trade away national security secrets for China deal
This article was written by Eamonn Sheridan at investinglive.com.
