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 7.1790
PBOC injected 135bn yuan via 7-day reverse repos at 1.40%
- 291.1bn yuan mature today
- net drain is 156.1bn 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 7.1790PBOC injected 135bn yuan via 7-day reverse repos at 1.40%291.1bn yuan mature todaynet drain is 156.1bn yuan
This article was written by Eamonn Sheridan at www.forexlive.com. Read MoreCentral Banks
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