Chinese markets are reopening today after the holiday Monday.
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 7.1961
PBOC injected 454.5bn yuan via 7-day reverse repos at 1.40%
This article was written by Eamonn Sheridan at www.forexlive.com.