PBOC sets USD/ CNY mid-point today at 7.1714 (vs. estimate at 7.2575)

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 7.2608

PBoC injects 353.2bn yuan via 7-Day Reverse Repos at 1.5%

• 548.7bn mature today
• net drains 195.5bn yuan in Open Market Operations

Earlier:

• China says it’ll target 2025 economic growth ‘around 5%’
• China says it’ll keep the yuan exchange rate basically stable
• China’s finance ministry says it’ll step up the pace of fiscal spending
• China has suspended soybean import licenses for three US firms and halted US log imports
• China says it’ll reduce Reserve Requirement Ratio at appropriate time

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