The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan.
- a managed floating exchange rate system that allows the value of the yuan to fluctuate within a “band” currently at +/- 2%
In open market operations today the People’s Bank of China injected 69.5bn yuan in 7-day reverse repos at an unchanged rate of 1.4%
- and injects 600bn yuan in overnight RRs
This article was written by Eamonn Sheridan at investinglive.com.
