PBOC sets USD/ CNY central rate at 7.1656 (vs. estimate at 7.1605)

Forex Short News

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%.

PBOC set the mid-point at the strongest level (for CNY, ie lowest for USD/CNY) since November 8, 2024

Previous close was 7.1772

PBOC injected 406.5bn yuan via 7-day reverse repos at 1.40%

  • 197.3bn yuan mature today
  • net injection is 209.2bn yuan

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