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 modelled estimate was 7.1559
The setting at 7.1108 is the strongest for CNY since November 6 last year.
PBOC injected 379.9bn yuan via 7-day reverse repos at 1.40%
- 616bn yuan mature today
- net 236.1bn yuan drain
