PBOC sets USD/ CNY mid-point today at 7.1697 (vs. estimate at 7.2330)

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PBOC sets USD/ CNY mid-point today at 7.1697 (vs. estimate at 7.2330)

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%.

The previous close was 7.2231

People's Bank of China injects 295.9 billion yuan via 7-day reverse repos at 1.50% (unchanged rate)

• 175.4 bln yuan mature today
• net injection is 120.5bn yuan

                            This article was written by Eamonn Sheridan at www.forexlive.com.

Source: PBOC sets USD/ CNY mid-point today at 7.1697 (vs. estimate at 7.2330)

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