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PBOC sets USD/ CNY reference rate for today at 7.1717 (vs. estimate at 7.2495)

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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 for USD/CNY was 7.2530

PBoC injects CNY 292.5bln yuan in open market operations (OMOs)

  • via 7-day reverse repos
  • rate unchanged at 1.50%
  • net injection is 102bn yuan given 190.5bn yuan mature today

Earlier re China:

  • China to deepen rural reforms further, move to accelerate rural revitalization