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 7.0845
more to come
PBOC injects 213.3bn yuan at 1.40% via 7-day reverse repos
This article was written by Eamonn Sheridan at investinglive.com.