FX Expert Funded

PBOC sets USD/ CNY reference rate for today at 7.1916 (vs. estimate at 7.2057)

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%.

Previous close was 7.2103

PBOC injected 135bn yuan via 7-day reverse repos at 1.40%

  • 43bn yuan mature today
  • net injection 92bn yuan

This article was written by Eamonn Sheridan at www.forexlive.com.

Leave a Comment

Your email address will not be published. Required fields are marked *

Call Now