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 for USD/CNY was 7.2466
People’s Bank of China injects 318.5 billion yuan via 7-day reverse repos at 1.50%
- 489.2 bln yuan mature today
- net drain is 170.7bn yuan
People’s Bank of China governor