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 7.1138
PBOC injected 267.1bn yuan via 7-day reverse repos at 1.40%
- net 10.9bn yuan drain
This article was written by Eamonn Sheridan at investinglive.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 7.1138PBOC injected 267.1bn yuan via 7-day reverse repos at 1.40%net 10.9bn yuan drain
This article was written by Eamonn Sheridan at investinglive.com. Read MoreCentral Banks Investinglive RSS Breaking News Feed
