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PBOC units USD/ CNY central price at 7.1534 (vs. estimate at 7.1509)

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%.

More strength again for the yuan, against a very weak US dollar. The mid-rate at 1.1534 today is the strongest for CNY since November 8 last year.

Previous close was 7.1636

PBOC injected 131bn yuan via 7-day reverse repos at 1.40%

  • 406.5bn yuan mature today
  • net drain is 275.5bn yuan
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