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 was 7.1178
The 7.0833 reference rate set today is the strongest for CNY since 15 October 2024
PBOC injects 195.5bn yuan at 1.40% via 7-day reverse repos
after maturities today the net injections is 130bn yuan