PBOC sets USD/ CNY central rate at 7.1746 (vs. estimate at 7.1820)
Read full post at 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%.
Previous close was 7.1818
The rate today, 7.1746, is the strongest for the onshore yuan (lowest for USD/CNY) since March 19.
PBOC injected 197.3bn yuan via 7-day reverse repos at 1.40%
- 198.6bn yuan mature today
- net drain 1.3bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com.
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