The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or “midpoint.” The rate set under 7 today for the first time since May 2023.
Previous close 6.9475.
Injects 354bn yuan through 7-day reverse repos at 1.40%:
- net inject 143.8bn after today’s maturities
This article was written by Eamonn Sheridan at investinglive.com.