PBOC sets USD/ CNY central rate at 7.1733 (vs. estimate at 7.2264)

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%.

The previous close was 7.2240

PBoC injects 273.3n yuan via 7-Day Reverse Repos at 1.5%

  • 37.7bn mature today
  • net injects 235.6bn yuan in Open Market Operations

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