PBOC sets USD/ CNY mid-point today at 7.1726, lowest since January 20

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 for USD/CNY was 7.2466

People’s Bank of China injects 318.5 billion yuan via 7-day reverse repos at 1.50%

• 489.2 bln yuan mature today
• net drain is 170.7bn yuan

People’s Bank of China governor

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