PBOC sets USD/ CNY reference rate for today at 7.1705 (vs. estimate at 7.2807)
globalreutersFebruary 19, 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 for USD/CNY was 7.2733
PBoC injects CNY 538.9bln
- via 7-day reverse repos
- rate unchanged at 1.50%
- net drain is 19.1bn yuan given 558bn yuan mature today
This article was written by Eamonn Sheridan at www.forexlive.com.
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