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 7.1360
Today’s mid rate is the strongest for CNY since November 6 last year.
In Open market operations (OMOs) the PBOC inject 137.8bn yuan at an unchanged rate of 1.4%
- net injection is of that amount, 137.8bn yuan
Note that the PBoC also injected 116bn yuan via 7-day RRs at 1.4% over the weekend. On Saturday.
This article was written by Eamonn Sheridan at investinglive.com.
