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 People’s Bank of China sets yuan mid-point at strongest level since November 8, 2024 for the CNY.

Previous close was 7.1653

more to come

PBOC injected 197.3bn yuan via 7-day reverse repos at 1.40%

422.3bn yuan mature today
net drain 225bn yuan

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