PBOC sets USD/ CNY central rate at 7.2096 (vs. estimate at 7.3094)
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 closing rate was 7.3090 PBOC sells 164.5 bn yuan of 7 day reverse repo at 1.5%167.4bn mature todaynet drains net 2.9 bn yuan with reverse repos This article was written by Eamonn Sheridan at www.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%.
The previous closing rate was 7.3090
PBOC sells 164.5 bn yuan of 7 day reverse repo at 1.5%
- 167.4bn mature today
- net drains net 2.9 bn yuan with reverse repos
