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 7.2846
PBOC injects 284bn yuan via 14-day RR, sets rate at 1.65%
- 105bn yuan mature today
- net injection is 179bn yuan
The longer than 7 days is the PBoC providing liquidity for the long holiday coming up (LUnar New Year).