PBOC sets USD/ CNY central rate at 7.1498 (vs. estimate at 7.1758)

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 7.1723

PBOC injected 342.5bn yuan via 7-day reverse repos at 1.40%

• 69bn yuan mature today
• net 273.5bn yuan injection

Earlier:

• People’s Bank of China to dump 1.4 tln yuan cash in banking system today. 3, 6 month tenor

Still to come:

• Economic calendar in Asia 15 July 2025 – China Q2 GDP and June economic activity data

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