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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 was 7.1306
PBOC sets the USD/CNY central rate at 7.1030, the strongest for the onshore yuan since November 6, 2024. Over the course of this month the Bank has raised the CNY mid-rate by 0.65%, the biggest shift since September 2024.
PBOC injected 782.9bn yuan via 7-day reverse repos at 1.40%
- 361.2bn yuan mature today
- net 421.7bn yuan injection
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