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 7.2899
The PBOC has injected 98.5bn yuan in reverse repos via Open Market Operations
- 7 days at an unchanged rate of 1.5%
- 183.7bn yuan mature today
- the net impact is a drain of 85.2bn yuan