PBOC sets USD/ CNY reference rate for today at 7.1064 (vs. estimate at 7.1390)
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 7.1401
PBOC injected 188.3bn yuan via 7-day reverse repos at 1.40%
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Earlier news via the China Securities Journal:
- PBoC may inject reasonably ample liquidity into the money markets this month
Which is interesting news indeed. This week the Bank withdrew a net 1.2tln yuan from the banking system in open market operations, the biggest withdrawal in 2 months.
