PBOC sets USD/ CNY reference rate for today at 7.1 (vs. estimate at 7.1159)
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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%.
Previous close was 7.1188
PBOC injected 240.5bn yuan via 7-day reverse repos at 1.40%
- net 39.5bn yuan drain
This article was written by Eamonn Sheridan at investinglive.com.