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 7.1125
PBOC injected 190bn yuan via 7-day reverse repos at an unchanged rate of 1.40%.
- after maturities today the net injection is 97.2bn yuan
This article was written by Eamonn Sheridan at investinglive.com.
