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 PBOC ramping the yuan higher again. 7.0825 is the strongest reference rate setting for CNY since October 14 last year.
The previous close was 7.0965
more to come
