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
This article was written by Eamonn Sheridan at www.forexlive.com.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 7.2466People’s Bank of China injects 318.5 billion yuan via 7-day reverse repos at 1.50%489.2 bln yuan mature todaynet drain is 170.7bn yuanPeople’s Bank of China governor
This article was written by Eamonn Sheridan at www.forexlive.com. Read MoreCentral Banks
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