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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 7.1800
PBOC injected 160.7bn yuan via 7-day reverse repos at 1.40%
- 449.2bn yuan mature today
- net 288.5bn yuan drain
Still to come – services PMI:
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