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 7.2090
PBOC injected 64.5bn yuan via 7-day reverse repos at 1.40%
- 158.6bn yuan mature today
- net drains 94.1bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com.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 7.2090PBOC injected 64.5bn yuan via 7-day reverse repos at 1.40% 158.6bn yuan mature today
net drains 94.1bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com. Read MoreCentral Banks
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