PBOC sets USD/ CNY reference rate for today at 7.1710 (vs. estimate at 7.2971)

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 7.3060

The People’s Bank of China has injected 558bn yuan via 7 day reverse repoos at an unchanged rate of 1.5%

This article was written by Eamonn Sheridan at www.forexlive.com.