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%.
Previous close was 7.1853
PBOC injected 242bn yuan via 7-day reverse repos at 1.40%
- 173.8bn yuan mature today
- net injects 68.2bn yuan
Earlier from China:
- ICYMI – New bank loans in China rose less than expected in May
- PBOC says it will will inject cash via outright reverse repos for the second time
This article was written by Eamonn Sheridan at www.forexlive.com.
