PBOC sets USD/ CNY reference rate for today at 7.1733 (vs. estimate at 7.2355)
globalreutersMarch 10, 20251 Mins read 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 7.2430
PBoC injects 96.5bn yuan via 7-Day Reverse Repos at 1.5%
- 97bn mature today
- net drains 0.5bn yuan in Open Market Operations
The ‘closed’ sessions of China’s National People’s Congress (NPC) being today
This article was written by Eamonn Sheridan at www.forexlive.com.
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