PBOC sets USD/ CNY mid-point today at 7.1697 (vs. estimate at 7.2538)

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%.

Last close was 7.2650

In open market operations:

• PBOC injects 489.2 billion yuan via 7-day reverse repos at 1.50% vs prior 1.50%

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