PBOC sets USD/ CNY reference rate for today at 7.1980 (vs. estimate at 7.3162)
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 rate today is the weakest (for the yuan) since December 3 last year. But its not even close to where the market closed trade for the day on Friday. That previous close was 7.2681.Earlier re China:Goldman Sachs expects fiscal easing from China to offset added growth drag from tariffsChinese State Media says People's Bank of China may have room for a rate cut (RRR) 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 rate today is the weakest (for the yuan) since December 3 last year. But its not even close to where the market closed trade for the day on Friday. That previous close was 7.2681.
Earlier re China:
This article was written by Eamonn Sheridan at www.forexlive.com.
