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 7.1230
The setting at 7.0930 is the strongest for CNY since October 15 last year.
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In Open market operations (OMOs) the PBOC inject 159.5n yuan at an unchanged rate of 1.4%
- after maturities today the net injection is 68.5bn yuan
This article was written by Eamonn Sheridan at investinglive.com.