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 7.2430
PBoC injects 96.5bn yuan via 7-Day Reverse Repos at 1.5%
- 97bn mature today
- net drains 0.5bn yuan in Open Market Operations
The ‘closed’ sessions of China’s National People’s Congress (NPC) being today