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%.
7.1029 is the strongest for CNY since November 6.
Previous close was 7.1246
PBOC injected 280bn yuan via 7-day reverse repos at 1.40%
- net 88.5bn yuan drain
This article was written by Eamonn Sheridan at investinglive.com.
