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 7.1878
PBOC injected 214.9bn yuan via 7-day reverse repos at 1.40%
- 215.5bn yuan mature today
- net drain is 0.6bn 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 7.1878PBOC injected 214.9bn yuan via 7-day reverse repos at 1.40%215.5bn yuan mature todaynet drain is 0.6bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com. Read MoreCentral Banks
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