The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. More here on this.
- PBOC zero 7-day reverse repos today (65bn mature so a net drain)
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Earlier:
- China holds loan prime rates for 17th month as policy focus shifts to short-term rates
- Explainer: China eyes overnight rate as main policy tool, what it means for markets
- China LPR preview: rates seen on hold for a 17th month after Q3 GDP beat
This article was written by Eamonn Sheridan at investinglive.com.